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Polkadot Represents Accumulation; How Long Will It Remain Flat?

2022/11/30 (Nov 30th, 2022 8:10 am)
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Recent events seem to be helping the polkadot price get back on its feet. The DOT network recently released its most recent update, highlighting some key advancements that might clear the way for its 2023 foundational roadmap.

The currency has been seeing some favorable price activity recently, according to the technical view. DOT increased throughout the previous 24 hours, although slowly.

A weaker overall market might be the cause of this delayed price change. There appeared to be more purchasers, which suggests that there is more demand for the item. The market capitalization of DOT significantly increased to reflect the same sentiment.

One-Day Chart Analysis for the Polkadot Price

For weeks, the alternative currency has been trapped between the $5 and the $5.6 region. However, the rise in accumulation suggests that Polkadot may be able to overcome the overhead resistance of $5.70.

If the immediate resistance is overcome, DOT may also reach $6.21, providing investors with sizable gains. On the other hand, if DOT stays below the $5.60 level for too long, demand will dwindle, which will cause depreciation. In such case, $4.50 would be Polkadot’s next stop.

Technical Assessment

At the time of publication, the chart had an increase in buyers.

This signaled a rise in demand and forthcoming favorable price movement. The 20-Simple Moving Average line was being challenged by Polkadot, which was attempting to rise above it as buying strength increased. The reading, however, showed that sellers remained in charge and were still in charge of the price momentum.

The Simple Moving Average provided a sell signal, which DOT detected on the 24-hour chart. Under the neutral line, the indicator produced red signal bars that were sell signals, but they were declining.

It followed that there was a possibility that the price action would alter during the following trading session. Although there were dotted lines above the candlesticks, the parabolic SAR remained negative. With the help of the larger market, DOT must surpass the $5.70 price cap.

Bitcoin

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