Polkadot [DOT] saw fresh gains on the 29th of March which curtailed its weekly loss to 8.15%. Coincidentally, this price action was followed by Bitcoin’s recovery which was closely followed by the altcoin lot as well.
Lately DOT has been oscillating in a tight range and has failed to sustain any higher levels. However, the crypto-asset rose by 5.79% over the last 24-hours while recording a trading volume of $1.58 over the same time. This catapulted the token’s price to $34.55 as it held a market cap of $31.93 billion, at the time of writing.
Polkadot [DOT] Daily Price Chart:
After a trading in a symmetrical triangle, DOT candles briefly broke below as bears overpowered its price action. The closing green candles depicted recuperating bulls in an attempt to take charge of the current momentum.
The moving averages were fiercely slopping upward as opposed to the price action which was trading sideways. The 50 DMA [Pink] went over a few candles after the drop but has not able to dominate the closing candle which was a positive sign. The 100 DMA [Blue] continued to hover well below the 50 DMA as well as the candlestick arrangement in Polkadot’s daily price chart.
Sell Pressure Declines
Polkadot was on a recovery mode which appeared to have flipped MACD as it was headed for a potential bullish breakout in the near-term. This depicted a rising buying demand in the market.
The dotted markers of Parabolic SAR, however, floated above the DOT candles resisting any upward price action.
The RSI also shot back up above the 50-median line suggesting a sentiment of increasing buying pressure in the market that could take Polkadot to establish a local top.
The above charts projected the return of the bulls even hints of bearish pressure still lingered. If Polkadot’s price gains the necessary momentum and retain its position above the 50 DMA, it could target its immediate resistance levels of $36.12, $38.29 and $39.5 respectively. The cryptocurrency found crucial support at $29.9 and $26.94.