Polkadot DOT Can Slip Below Its Daily Support Level
The weekly technical chart of Polkadot highlights a positive trend built by the coin. We can see a sudden spike in price movements on Thursday's trading session. The price is currently sitting at $9.96, with the resistance zone placed at $10.11 with the following support zone of $9.85. The price is testing the support trajectory. One can see a bullish trend soon if the price reaches above its resistance zone.
Meanwhile, the Relative Strength Index (RSI) with a value of 49 indicates that the coin is performing downward and forms a descending parallel channel on the index.
The Moving Average Convergence Divergence (MACD) had a bearish crossover signal line on January 7, 2021, indicating a potential of negative retracement in the coin. The histogram also started to form red bars after the crossover.
The Schaff Trend Cycle (STC) indicator shows a selling signal for the coin with the value of 16, stipulating Polkadot can fall below its given support and soon be in an oversold region.
Meanwhile, the Relative Strength Index (RSI) with a value of 49 indicates that the coin is performing downward and forms a descending parallel channel on the index.
The Moving Average Convergence Divergence (MACD) had a bearish crossover signal line on January 7, 2021, indicating a potential of negative retracement in the coin. The histogram also started to form red bars after the crossover.
The Schaff Trend Cycle (STC) indicator shows a selling signal for the coin with the value of 16, stipulating Polkadot can fall below its given support and soon be in an oversold region.
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