The Polkadot price analysis indicates profit booking at a higher level. However, the correction from the higher levels was due following from an extended uprend that took price to $9.20. DOT has lost over 5% in price since then over the past hours. Price has been trading along the asecendign trend line.
DOT price gave a good rally in the previous week, with an upmove of more than 40%, but faces rejection near the higher level around $9.0, which is also a resistance level. The price is trading in a “Channel pattern”. On July 31, the DOT price tries to break the channel resistance on the higher side but failed to do so, by giving rejection at $9.17.
The resistance level coincies with the highs of June 14, thus, facing resistance that was earlier acted as support. The Polkadot price analysis shows that DOT’s price faces a strong resistance hurdle from $8.7 to $9.17.
On the hourly time frame, the price is making higher highs and higher lows, indicating bullishness. However, a possible reversal from the higher side, confirmed by below-average volumes concerns the DOT buyers at at least in the short term.
The momentum osciallotrs, MACD and RSI are also showing weakness, indicating a possible reversal below $8.15.
If the price fell below $8.15 on the daily basis, then we can expect a fall of around $7.5.
On the other hand, the emergence of buying pressure from the support level could result in an acceptance above $8.72. In that case we can expect a good momentum on the higher side. The first upside target would be the previous session’s high of $9.20 followed by $9.90.
The Solana price narrative continues to gain traction as market voices highlight both technical accumulation…
Avalanche price has sunk into a correction after falling by 16% from its highest point…
Chimpee, the project behind the hyped CHMPZ tokens, combines the best of both worlds. It…
Ethereum price is showing signs of resilience after recent turbulence, with renewed attention on whale…
The HYPE price outlook has gained attention after a market analyst, Ali Charts, remarked that…
The Shiba Inu price has drawn attention as its chart shows tightening consolidation near a…