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Polkadot Descending Channel Breakout Play
Polkadot's (DOT) price has broken above a descending channel that can suggest a potential trend reversal. Another confluence factor that adds more weight to the bullish case scenario is the MACD regular bullish divergence.
Descending Channel
Before Polkadot emerged higher out of the descending channel, it reached a new low of $10.37, which is a key support level. The short-term support level also comes in at $16.70, which needs to hold for the current rally to continue.
On the flip side, the bulls are eyeing the considerable psychological number of $20.0. A daily break and close above the considerable round number $20 can open the door for a retest of the next critical resistance found at the $27.90 level. However, the 100-day simple moving average, which currently stands at $22.81, is another obstacle the bulls need to overcome.
MACD Divergence
The MACD divergence also signals that the bottom might be settled, even if it is only temporary. This adds more confluence to the reversal signal, but at the same time, traders need to be aware that this rally may also just be a minor retracement in the grand scheme of things. In this regard, traders need to keep an open mind and simply go with the market flow.
Descending Channel
Before Polkadot emerged higher out of the descending channel, it reached a new low of $10.37, which is a key support level. The short-term support level also comes in at $16.70, which needs to hold for the current rally to continue.
On the flip side, the bulls are eyeing the considerable psychological number of $20.0. A daily break and close above the considerable round number $20 can open the door for a retest of the next critical resistance found at the $27.90 level. However, the 100-day simple moving average, which currently stands at $22.81, is another obstacle the bulls need to overcome.
MACD Divergence
The MACD divergence also signals that the bottom might be settled, even if it is only temporary. This adds more confluence to the reversal signal, but at the same time, traders need to be aware that this rally may also just be a minor retracement in the grand scheme of things. In this regard, traders need to keep an open mind and simply go with the market flow.
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