Sunday, March 3, 2024

DOT Surges Over 4% After A Week Of Slow Price Movements

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DOT Surges over 4% today after a week of slow price movements. However, it managed to recover over the past 24 hours as we can see more today in our latest altcoin news.

DOT surges over 4% and the altcoin painted a bullish picture with a technical outlook pointing toward the change in price action. The coin regained some of its lost value especially after DOT flashed signs of revival. Polkadot has been breaking past these resistance lines one after the other and at the moment, it might try to aim for an overhead price ceiling. Price started picking up momentum since it moved past the $9 price level and this level is acting as a support level. The buying pressure returned to the market which shows that DOT is regaining its bullish action.

Polkadot saw an increase in buying strength on the one-day chart Source DOTUSD on TradingView

DOT was priced at $10.27 and the nearest price floor stood at $9 with the other support lines standing at $8.71. The overhead resistance for the coin stood at $11.87 while the coin attempted to trade near $11 so if the bulls push a little harder, the coin can retest the level. If the coin continues trading above the $11, the altcoin can manage to trade near the $14.62 so the volume of the coin was in the green which shows that the coin is turning bullish.

DOT started showing changes in prices and the technical pointed towards some bullishness. The coin after surging tried to rise above the 20-SMA line. At the time of writing, the coin stood above the 20-SMA line which indicated the buyers were in charge of the price momentum. The RSI noted an uptick on the one-day chart which was in accordance with the indicators that display a rise in buying strength.

dot chart
Polkadot was trading at $10.27 on the one-day chart Source DOTUSD on TradingView

DOT registered a buying signal as the buyers came back on the market. The Awesome Oscillator showed some green signals bars as well which depict the price movement on the market. The green signal indicates a buying signal as well and if the bulls use it, the price can move above the overhead resistance. The Average Directional Index was above the 40-mark which shows the strength in price momentum at the time being.

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