Polkadot Price Analysis: DOT Token Price Rises By Breaking Various Fibonacci Levels

By October 10, 2021Polkadot
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POLKADOT
  • DOT Token price has grown more than 30% in the last week.
  • The price action analysis indicates that the price is above 61.80% Fibonacci Retracement Level.
  • The pair of DOT/BTC is trading at 0.0006575 BTC with an intraday gain of +3.03%.
Source- tradingview

DOT coin price action forms indicate an uptrend in the daily chart. The price action finds support from the $26 mark resulting in the current uptrend with a gain of 30+%. The coin price approaches the $38 resistance mark.

As per the pivot points, the resistance levels for the token are residing at $38 and $45 marks. However, in the case of a bearish reversal of the coin price, sellers may find opposition at $32 or $26.

The DOT Token price trades at $36.29, increasing 2.97% in market capitalization over the past 24 hours. However, the intraday trading volume has increased by 59% in the past day, indicating a boom in the number of buyers.

DOT Token In The 4-hour Chart

Source – tradingview

DOT token price action projects the price is rising within the ascending parallel channel in the 4-hour chart. However, the coin price struggles to rise above the $38 mark.

The EMAs in the 4-hour technical chart climb higher in a bullish formation with a positive slope that may support the prices in a bearish attack. Furthermore, the price dips to the 20-period EMA can be bullish entry spots.

The RSI indicator anticipates a flood in underlying bullish biases regarding the slope of RSI spikes higher in the daily chart.

The ADX indicator implies a slight rise in trend momentum.

The MACD indicator shows that both the MACD and the signal line move higher than the neutral area, indicating bullish momentum in the DOT token price.

Conclusion – From a technical perspective, the short-term trend for the DOT coin is still bearish. However, the coin price currently shows a positive outlook in its chart and may soon break above the $38 mark. Thus, the crypto traders can wait for some bullish opportunities until a proper breakout is not identified.

Support – $32 and $26

Resistance – $38 and $45

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