- Bitcoin Cash price is expected to rise to $44.
- The closest support level lies at $40.
- DOT faces resistance at the $42 mark.
Polkadot price has broken above the $34 mark, and strong bullish momentum has carried the price to go past the $39.50 mark. DOT price records an over 19 percent price hike across the last seven days showing strong bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major Players that recorded a profit include Ripple‘s XRP and ADA that record a 12.72 and a 16.6 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 4.32 and a 3.24 percent hike.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD exhibits declining bullish momentum as observed in the light green histogram whose size continues to decrease. It has remained bullish since yesterday, and the indicator has climbed to above the 0.900 mark. Across the EMAs, the 12 EMA continues to trade above the 26 EMA and diverge while both EMAs rise.
The RSI is currently trading in the neutral zone a little above the 60.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two weeks. At press time, the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Polkadot price. Meanwhile, as the Polkadot price is consolidating above the bands’ mean line, the price will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, 10 indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, eight indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Polkadot price?
Traders should expect Polkadot price to briefly consolidate at the $40.00 mark before retesting the $44.00 resistance level. The short-term technical indicators show buyer pressure at the current price level while the mid-term technical analyses issue support for the bulls suggesting an upwards breakthrough at the $44.00 mark. As such, traders should expect the Polkadot price to climb back to the $44.00 mark as DOT makes another attempt towards the $48 highs.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.