Polkadot recovered on its charts, with the coin surging more than 4% in the past 24 hours. Altcoins have not seen much price movement over the past week.
Altcoins painted a bullish picture today, with the technical outlook pointing to a change in price action. Considering that DOT is showing signs of recovery, the coin recovered quite a bit of its losses.
One by one, Polkadot is breaking resistance lines, and the coin may currently be targeting its indirect price ceiling.
The price has started to recover since it surpassed the $9 price level. The aforementioned price level is now acting as a support level. Buying pressure has picked up in the market, which suggests that DOT is resuming bullish price action.
Polkadot Price Analysis: One Day Chart
At the time of writing, DOT is priced at $10.27. The nearest price floor is at $9, with other support lines at $8.71 and $7.20.
The overhead resistance for the coin is at $11.87, the coin was trying to trade above $11, so if the bulls push a little bit, the coin could retest the aforementioned levels.
If the coin continues to trade above $11, the altcoin is likely to trade around $14.62. The volume of the coin is shown in green, which indicates that the coin has turned bullish.
It also shows that buying pressure is building on the chart.
The DOT is starting to show a price change and the technicals point to bullishness. The coin after the surge attempted to rise above the 20-SMA line.
At the time of writing, the coin is above the 20-SMA line. This shows that buyers are responsible for the price momentum in the market.
The Relative Strength Index is up on the one-day chart. This is in line with the aforementioned indicators showing rising purchasing power.
As soon as buyers returned to the market, Polkadot gave a buy signal. Awesome oscillator depicting the green signal bar. This indicator describes the price momentum of the market.
The green signal bar also indicates a buy signal. If buyers continue to act, the price may break above the overhead resistance.
As the +DI line moves slowly upwards, the Directional Movement Index turns positive.This
The Average Directional Index (in red) is above the 40 mark, which reflects the strength of price momentum at the time of writing. For Polkadot to maintain its current price action, broader market forces are needed.
Related reading | Polkadot (DOT) is trading below $11; how soon will it reach $14?