Polkadot has gained some momentum on its chart. Over the past 24 hours, the coin is up more than 4%. Last week, the altcoin didn’t see much price action.
The altcoin painted a bullish picture today, with the technical outlook suggesting a change in price action. The coin has largely recovered its lost value while the DOT showed signs of a revival.
Polkadot has broken resistance line after resistance line and right now the coin could be targeting its air price ceiling.
Since breaking the $9 level, the price has started to gain momentum. The above price level is now acting as a support level. Buying pressure returned in the market, suggesting that the DOT regained its bullish price action.
Polkadot Price Analysis: One-Day Chart
DOT was $10.27 at the time of writing. The next bottom was $9, the other support lines were $8.71 and $7.20.
The currency’s overhead resistance stood at $11.87, and the coin attempted to trade above $11, so if the bulls push a little more, the coin could retest the above level.
If the coin continues to trade above $11, the altcoin could trade near $14.62. The coin’s volume was seen in green, indicating that the coin was bullish.
This also meant that buying pressure was building on the chart.
Technical analysis
The DOT started showing price changes and the technician was showing higher. The coin attempted to scale above the 20 SMA line after recovering.
At the time of writing, the coin was trading above the 20 SMA line. This indicated that buyers were responsible for the timing of market prices.
The Relative Strength Index has risen on the one-day chart. This was consistent with the indicator above showing an increase in purchasing power.
Polkadot registered a buy signal as soon as buyers returned to the market. Awesome Oscillator showed green signal bars. The indicator shows the market price dynamics.
Green signal bars also indicate a buy signal. If the buyers continue trading, the price could move above the overhead resistance.
The Directional Movement Index turned positive as the +DI line slowly moved up.
The Average Directional Index (Red) was above the 40 mark, showing the strength of price momentum at the time of writing. For Polkadot to maintain its current price action, it would require broader market power.
