- Polkadot is leading the rebound among the top ten largest assets in the market, targeting price levels above $ 40.
- The MACD has confirmed DOT’s uptrend on the four-hour chart.
- Closing the day with the support of the ascending channel middle class could pave the way for a correction.
Polkadot is trading in the green while helping to renew the crypto-bull cycle. At the time of writing, DOT is up nearly 9% and is trading slightly above $ 36. For the past seven days, the token has maintained the upward trend of the USD 28 support.
The four hour chart shows the polkadot trade within an ascending parallel channel. The lower border support kept the bears in check; However, the upper limit limits the price movement.
At the time of writing, DOT is holding onto the center perimeter support. Closing the day above this anchor would emphasize market stability. On the flip side, investors waiting on the sidelines are likely to be drawn to the market as speculation builds on earnings above $ 40.
Note that Polkadot is comfortably in the hands of the bulls as the four-hour Moving Average Convergence Divergence (MACD) indicator shows. The MACD line (blue) crossed the signal line on March 26th, suggesting it was time for bulls to take control. The return of the indicator to the positive region confirmed the bullish narrative.
DOT / USD four hour chart
DOT / USD price chart from Tradingview
It’s worth noting that price movements above rising channel resistance would trigger massive buy orders and add weight to the tailwind. Delays would be expected at $ 38, but a trade above $ 40 would become apparent when the price goes through.
On the flip side, losses can come into play if DOT doesn’t close above the middle layer support of the channel for the day. An increase in overhead pressures would be compounded by panic from market instability, which would confirm a correction to $ 30 and $ 28, respectively.
Polkadot intraday levels
Spot rate: $ 36.7
Support: $ 30 and $ 28
Resistance: $ 38 and $ 40
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