to assert their will on the market, or were the bears biding their time before striking back? At press time, the latter appeared likely. In either case, the $5 mark would be crucial.Polkadot has climbed past the $4.55 resistance. On the 4-hour chart, its structure flipped bullish in late December when DOT climbed above $4.35. The strong surge in the past few hours of trading reinforced bullish momentum. Trading volume was also high in the past few hours.
The Relative Strength Index headed into overbought territory above 70 to indicate strong bullish momentum. However, the RSI did not yet signal a divergence or weakening bullish momentum. The DMI also showed a strong uptrend in progress. The +DI was above 20, as was the Average Directional Index line, which showed a significant upward trend in the past few days.
The Bollinger Bands saw a large expansion recently as well, indicating high volatility. The price has stuck to the upper band of the indicator. It appeared likely that the price would retest $4.66 as support and continue higher.The higher timeframe charts such as the daily chart noted $4.7 to be an important level of resistance, with $5 as the next northward level of interest. There was also a fair value gap toward $5 as DOT plummeted rapidly through this area during the sell-off on December 16.
Risk-averse traders can wait for a move above $5 and a retest before buying Polkadot. More aggressive traders can wait for a lower timeframe bullish structure break to look for shorting opportunities.Subscribe to get it daily in your inbox.
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