- Polkadot (DOT) price is getting ready for a bullish breakout.
- Trading volume appears low for the branching resistance trendline.
- The weekly price candle moves above the previous red candle.
Polkadot (DOT) has made a reappearance in the cryptocurrency market. As a result, the market value progressively climbed and surpassed $5 billion in the previous few days. Despite the fact that the general crypto market is looking higher since the beginning of 2023, purchasers are anticipating a bull run in the following trading sessions.
So far, DOT price activity has resulted in lower highs and lower lows. Sellers grabbed gains the day before, thus DOT currency has been in a negative price structure pattern for more than 50 days, but following the rise, traders are opening new bullish bets in Polkadot. For a significant bullish rally, the bulls need a bullish breakthrough over this resistance trend line.
At press time, DOT price against the USDT is trading at $4.64 mark along with 2.7% intraday gain. Meanwhile, the weekly price candle moves above the previous red candle, hence, buyers are approaching the bullish hurdle to overcome selling. If breakout occurs with massive trading volume, buyers can accumulate Polkadot price until 5.6 next resistance level.
This week trading volume appears low for the branching resistance trendline in fact it reported at $129.9 million last night. Despite the fact, market capitalization increased 2.65% at $5.35 billion. Furthermore, the Polkadot coin concerning the Bitcoin pair stays 1.9% higher at 0.0002757 satoshis.
On the daily price chart, the RSI indicator is reaching the 50 mark after dipping into the oversold zone. Amidst the bullish momentum, the ADX has started a downward trend, and Polkadot price may soon take off. Furthermore, the MACD reflected a bullish crossover.
Conclusion
Polkadot (DOT) price is on the verge of a bullish breakout. The bullish momentum should be maintained to see further upside as buyers reverse the crypto price trend above the demand zone.
Support level – $4.0 and $3.5
Resistance level – $5.0 and $7.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/04/polkadot-dot-price-moves-higher-for-bullish-breakout-whats-the-next-move/