TA – Polkadot Price Shows Strength, Eyes $10
August 05 2022 - 10:30AM
NEWSBTC
The price of Polkadot (DOT) shows strength after bouncing from key
support on the weekly chart against Tether (USDT). After Bitcoin
(BTC) bounced from its monthly low of $19,000, this signaled a
relief for other crypto altcoins including the price of
Polkadot. (Data feeds from Binance) Related Reading: SOL Loses
$40 After The Exploit – What’s The Next Support? Price Analysis Of
Polkadot On The Weekly (1W) Chart From the chart, the price
of DOT saw a weekly low of around $6.50, where it has formed
support. The price has built more momentum as it faces resistance
at $10. A break above the $10 mark, the price of DOT would rally to
$12. If the price of DOT on the weekly chart fails to break the $10
mark, then a retest is bound at $8.62. The weekly relative strength
index for DOT price is 36, indicating more buy bids after bottoming
out on the weekly low. The volume shows decent buy bids, which will
push the price of DOT higher. Weekly resistance for DOT price –
$10. Weekly support for DOT price – $6.50. Price Analysis Of
Polkadot On The Daily (1D) Chart The price of DOT found strong
support at around $6.50, with what seems to be the bottom on the
daily chart. DOT has continued to rally above this support region
of $6.50 to a high of $9, where it has faced resistance. DOT’s
price is at $8.40 at the point of writing; it is trading above the
50 & 200 exponential moving averages (EMA) The 50 & 200 EMA
with prices of $8.20 and $8 would act as support respectively for
DOT price in case it drops due to weekend sell-offs. If the 50
& 200 EMA region fails to hold the price, $7.92 would be a good
support to hold sell-offs and a possible bounce of DOT price. With
more buy bids, we could see the price of DOT retesting at $9.18,
which has been resistance on the daily chart. RSI for DOT price on
the daily chart is above 60, indicating healthy buy bids for DOT.
Volume on the daily timeframe indicates positive signs for DOT
prices to trend higher. Daily (1D) resistance for DOT price –
$9.18, $10. Daily (1D) support for DOT price – $7.92, $7.55, $7.20.
Price Analysis Of Polkadot On The Four Hourly (4H) Chart DOT has
shown great strength on the 4H chart after bouncing off from its
support. After rejection in the price of DOT at $9.10, the price
dropped to the 50 EMA mark at $7.95 which has formed good support
in case of a sell-off in DOT price. DOT is trading at $8.47
above the 50 & 200 EMA on the 4H chart, haven rallied from
a low of $6.50. The price has formed a trendline acting as a
resistance for DOT price, this would be invalidated only if the
price breaks below the trendline. Four Hourly (4H) resistance for
DOT price – $9.10, $10. Four hourly (4h) support for DOT price –
$7.95, $7.67 Related Reading: TA: Bitcoin Price Could Narrowly
Avoid a Major Downtrend, Here’s How Featured image from zipmex,
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