POLKADOT PRICE STILL BELOW RESISTANCE AT $43.29; A BREAKTHROUGH ON THE WAY?

Polkadot price still below resistance at $43.29; A breakthrough on the way?

Polkadot price still below resistance at $43.29; A breakthrough on the way?

OCTOBER 20, 2021 BY HENNESSY AJANG

 

The daily chart today shows that the Polkadot price is below resistance at $43.29. The price movement hasn’t been able to break above this resistance despite Bitcoin nearing its all-time high after the approval of BITO ETF.

Polkadot reached the highest price of $41.96 today as bulls are hesitant and the lowest price witnessed was $41.08.

According to the data from CoinMarketCap, the token’s trading volume dropped by 2.14% in the past 24-hours and is currently at $1.3 billion. Additionally, the token’s market cap was up by 1.29%, at $30.98 billion.

Polkadot price movement in recent days

Polkadot has performed quite well in the month of October, rising by more than 45%. The coin rose by nearly 11% on 1st October, followed by 8.9% on 9th October.

Similar price surges were noticed during the early second half of the month, i.e., an 18% growth on 15th October followed by 6.31% on 17th October.

Technical indicators on the 1-day chart

The technical indicators remain bullish on the whole as the token has seen huge spikes in the short term. The price action is still above the 50-day and 100-day Moving Averages, implying higher prices will soon follow.

However, after an explosion from the upper end of the Bollinger Bands, we can see that the price action remains in the upper zone, indicating that bulls are in charge of the action.

Polkadot price on the daily chart

Polkadot price on the daily chart by TradingView

The RSI indicator indicates that the buying pressure is still high as the gradient is slightly positive. This means that soon we might witness a price hike.

Although, the MACD indicator shows that the histogram has turned green as the MACD line continues to progress above the signal line. However, the distance between the two is closing in, indicating the possibilities of a bearish crossover.

image 6

Polkadot price on the daily chart by TradingView

Conclusion

The conclusion for today’s analysis can be done on a slightly sluggish note. With the launch of the Parachain auction on the Polkadot network, investors have become bullish about DOT.


Hennessy Ajang

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