The Polkadot (DOT) price has finally managed to break above the $5.07 support line after registering a 3% appreciation over the last 24 hours. Polkadot buyers were substantially lower on the charts for the past few weeks, but now, as the coin has reclaimed the $5 mark, buyers have started to take control of the price of the asset. The technical outlook for the coin has started to lean bullish on the chart. A climb above $5.30 will no doubt help the bearish pressure to wane. The demand for the altcoin has already seen a positive change, indicating that the altcoin was making a recovery on the chart. The altcoin, however, is not completely out of the woods. If Polkadot starts to consolidate instead of moving upwards, then the coin could lose momentum and fall back to the $5 price level. If the altcoin touches the $5 price mark, then the coin might fall into the selling zone again, which would bring the bears back. That would cause the price to tumble further. If the price of the altcoin manages to go back above the $5.30 mark, the coin could briefly rally. This could provide an entry point for traders to make quick profits. Related Reading: Bitcoin Zeroes In On $18,000 – Can BTC Upside Breakout Materialize? Polkadot Price Analysis: One-Day Chart DOT was trading at $5.20 at the time of this writing. The altcoin has shown signs of recovery after it turned the $5 resistance mark into its support line. Immediate resistance for the coin stood at $5.34. Breaching the $5.34 mark will propel the altcoin to $5.60, after which DOT might have a chance to trade near the $6.21 level. In the event that DOT starts to trade laterally, the first drop will take the coin to $5.04 and then to $4.84. This could make the altcoin depreciate by 9%. However, the amount of Polkadot traded in the last session was green, indicating the bulls are seizing more control. DOT Technical Analysis The altcoin is attempting to move into the buying zone after it got rejected twice in the same month. Demand has yet to move upward even as Polkadot tries to cross above the immediate resistance mark. The Relative Strength Index noted an uptick, which signified that buyers were trying to get hold of the price. Polkadot’s price was below the 20-Simple Moving Average line; although as it registered demand, the coin was trying to topple over the 20-SMA line. Presently, sellers continue to drive the price momentum in the market. With accumulation reflecting on the chart, the altcoin also depicted a buy signal for buyers to act on. The Awesome Oscillator indicates the price trend. The indicator painted a small green bar, which meant that the price direction was undergoing a shift. The Moving Average Convergence Divergence represents price momentum and trend reversal. MACD underwent a bullish crossover, which indicated a buy signal for the altcoin. This could be an entry point for traders. Related Reading: What Ethereum’s Rejection At $1,350 Says About The Cryptocurrency
