December 6, 2022

Polkadot Price Analysis: DOT exceeds other altcoins, raising toward record highs

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  • Polkadot leads healing among the top 10 assets in the market, considering cost levels past$40. The MACD has validated DOT’s uptrend on the four-hour chart.
  • Closing the day under the rising channel’s middle layer support could lead the way for correction.

Polkadot is trading in the green while adding to restoring the crypto bull cycle. At the time of composing, DOT is up almost 9% to trade a little above $36. The last seven days have seen the token keep the uptrend staged from assistance at $28.

The four-hour chart reveals Polkadot trading within the boundaries of a rising parallel channel. The lower border assistance has kept the bears in check; nevertheless, the upper boundary limits price action.

At the time of writing, DOT holds on top of the middle boundary assistance. Closing the day above this anchor would emphasize market stability. On the other hand, financiers waiting on the sidelines are most likely to be drawn in into the marketplace as speculation builds for gains beyond $40.

Keep in mind that Polkadot is easily in the bulls’ hands, as shown by the four-hour Moving Average Convergence Divergence (MACD) sign. The MACD line (blue) crossed above the signal line on March 26, recommending that it was time for bulls to take control. The sign’s return into the positive area validated the bullish narrative.

DOT/USD four-hour chart

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DOT/USD price chart
< img class="size-full wp-image-84223" src="" alt="DOT/USD rate chart" width="1274" height="587"/ >

DOT/USD cost chart by Tradingview It deserves mentioning that cost action above the ascending channel resistance would activate massive buy orders, adding weight to the tailwind. Hold-ups would be expected at $38, but trading above $40 would emerge if the cost sails through.

On the disadvantage, losses might come into play if DOT fails to close the day above the channel’s middle layer support. A boost in overhead pressure would be emphasized by panic due to market instability, thus verifying correction back to $30 and $28, respectively.

Polkadot intraday levels

Area rate: $36.7

Pattern: Bullish

Volatility: Low

Support: $30 and $28

Resistance: $38 and $40

The post Polkadot Price Analysis: DOT exceeds other altcoins, raising toward record highs appeared initially on Coingape.