DOT coin price shows a recovery rally in a rising channel fashion representing a surge in the underlying bullishness. Will the uptrend surpass the $20 mark? Key technical points: DOT prices prepare a rising channel pattern. The MACD and signal lines are merged below the zero line. The 24-hour trading volume of Polkadot is $621 Million, marking a 13% fall. Past Performance of DOT A bearish reversal after the 8th of February peak at $23 results in an upward trend in the direction of DOT price. However, this reversal in a V shape fell the altcoin by 28.6%, bringing it down to $17.18 support. In addition, the coin chart illustrates a relief rally that raised the price 15.4% higher, reaching the $19.66 mark. Source-Tradingview DOT Technical Analysis DOT price rising within a channel challenges the 50-day EMA and the psychological barrier at $20 as the buyers start a coup. Hence, closing above the resistance confluence will fire a bullish flare shot attracting buyers around the globe. The downsloping EMAs for the 50 and 200-day suggest a strong bearish trend, with the 50-day being an opportunity to rescind the movement upwards. But, a possible break from the 50-day EMA will be able to reach the 200-day EMA, which would result in a rise of 20 percent. MACD Indicator: It appears that the MACD, as well as the signal line, are set to join under the line of zero, which could trigger a bullish crossover. Therefore it is indicating a potential buying signal and will soon announce the possibility of a crossover. RSI Indicator: The RSI slope shows a wavy uptrend approaching the halfway mark and surpassing the 14-day average line. Hence, the indicator reflects a gradual rise in the underlying bullishness. In a nutshell, the DOT technical analysis shows a potential rise to the $22 mark. Upcoming Trend DOT coin price projects a bullish reversal within the rising channel, increasing the chances of the rally approaching the $20 mark. Moreover, the breakout of the 50-day EMA will ensure a bullish rally to the next resisting EMA at $21. Resistance Levels: $21 and $24 Support Levels: $18 and $17
The post DOT Technical Analysis: Rising Channel Brings Buyers Back in Action first appeared on Cryptoknowmics-Crypto News and Media Platform.
The post DOT Technical Analysis: Rising Channel Brings Buyers Back in Action appeared first on Cryptoknowmics-Crypto News and Media Platform.
- Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
- CryptoHawk. Altcoin Radar. Free Trial.
- Source: https://www.cryptoknowmics.com/news/dot-technical-analysis-rising-channel-brings-buyers-back-in-action/?utm_source=rss&utm_medium=rss&utm_campaign=dot-technical-analysis-rising-channel-brings-buyers-back-in-action
- "
- 28
- Action
- addition
- Altcoin
- analysis
- Announce
- around
- attracting
- average
- bearish
- being
- Block
- breakout
- Bullish
- buyers
- Buying
- challenges
- chances
- closing
- Coin
- consolidation
- could
- Display
- down
- EMA
- Fashion
- Fire
- First
- great
- higher
- HTTPS
- increasing
- IT
- join
- Key
- Line
- mark
- Media
- million
- movement
- news
- Opportunity
- Pattern
- percent
- performance
- points
- Polkadot
- possibility
- possible
- potential
- Prepare
- price
- projects
- rally
- reach
- recovery
- relief
- representing
- Results
- set
- shift
- start
- strong
- support
- surge
- Technical
- Technical Analysis
- therefore
- Trading
- upcoming
- volume
- within
- would
- zero