The entire crypto market was seen entering the bullish realm. Polkadot [DOT] was undoubtedly the star of the show while XRP was the biggest loser of the ongoing uptrend as the altcoin was slumping by over 5% over the course of the day. Bitcoin was getting closer to $20K with a 3.27% surge in the last 24-hours. Binance Coin [BNB], as well as Stellar [XLM], were also seen dipping while almost all the other coins were seen bagging gains.
Polkadot [DOT] at the time of writing was trading for $5.19. The coin made an entry to the crypto-verse recently but managed to secure a place on the top ten. DOT continues to stay on that side with a market cap of $4.66 billion. The altcoin’s daily gains stood at 6.55% while its weekly profits were noted at 9.49%.
Polkadot [DOT] One Hour Price Chart
A bearish pattern was formulated in the one hour price chart of DOT. With two diverging lines, an ascending broadening wedge was noted in the DOT market. The upper trend line was laid down by higher highs at $4.81, $5.00 as well as $5.29. The lower trend line was identified by higher lows at $4.59, $4.65, and $4.83. The direction of breakout during the formation of the aforementioned pattern is usually downward.
While the pattern was suggesting bear invasion, the daily moving average seemed to be recently relieved from its stay in the bearish territory. A few days ago, the 50 daily moving average [Blue] was seen above the candlesticks which is considered to be bearish, however, it soon went to fall below the candlesticks yet managed to remain above the 100 daily moving average [Orange]. This crossover is most often identified as a bearish crossover.
Polkadot [DOT] Price Chart With Indicators
The indicators used in the one hour chart of DOT seemed to be in sync with the ascending broadening wedge. The Awesome Oscillator was seen suggesting a bearish momentum as the indicator went on to form red closing bars. The Stochastic RSI indicator pointed out that DOT was seen swimming in the oversold zone.
The majority of the indicators as well as the pattern was taking the side of the bears. This could pose as a pullback for DOT from its ongoing uptrend.