Polkadot is bullish, is this price level a new target?

By October 26, 2022Polkadot
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Polkadot is bullish, is this price level a new target?

Polkadot price has registered a bullish revival on its 24-hours chart. In the last one day, DoT posted double-digit gains. Altcoins have lost almost 3% of their market cap over the past week.

Major market motivators have turned bullish today, with most altcoins following it.

Polkadot technical indicator is recording bullish signals on the one-day chart.

The demand for altcoins has increased, causing more buyers of the coin to be registered on the charts.

The coin has to continue to climb up to move past the immediate resistance level.

Crossing the immediate resistance mark will ensure that the bulls have complete control over the market. A break above $6.87 would further confirm a bullish revival.

If the buying power starts to fade in the next trading session, the coin may still fall in value. The global cryptocurrency market capitalization today stands at $979 billion with a 1.1% positive change over the past 24 hours.

Polkadot Price Analysis: One Day Chart

At the time of writing this, DOT was trading at $6.40. The coin has been consolidating for almost two months now. It finally managed to post some gains in the last 24 hours.

The immediate resistance for the coin was at $6.80 and the second tougher resistance was at $7.20. A move above the $7.20 mark would help the coin to revisit the $8 price level as well.

The support line for the price of Polkadot was $6.21. A slight loss in market cap would push the altcoin price to that level.

A fall below the $6.21 mark could take the price of Polkadot to $5.71. The volume of Polkadot traded increased in the last trading session, which means that buyers returned to the market.

technical analysis

For most of this month, Polkadot has been in constant control of sellers. Technical indicators ultimately point to buyers being in control of the market.

The Relative Strength Index crossed the halfway mark as a sign of a bullish recovery. This shows that there were less number of sellers than buyers.

Polkadot price traded above the 20-SMA line, indicating increased demand. This also meant that buyers were increasing the price movement in the market.

Other technical indicators have also shown that demand is driving buyers back into the market. The moving average convergence divergence indicates the total price action and price movement of the altcoin.

The MACD made a bullish crossover and displayed a green histogram as a buy signal. Parabolic SAR also determines the price direction of altcoins.

Dotted lines were visible below the price candle which was an indication that the coin was bullish on the one day chart.

source: www.newsbtc.com

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