DOT Technical Analysis: Rising Channel Brings Buyers Back in Action

DOT coin price shows a recovery rally in a rising channel fashion representing a surge in the underlying bullishness. Will the uptrend surpass the $20 mark? Key technical points: DOT prices prepare a rising channel pattern. The MACD and signal lines are merged below the zero line. The 24-hour trading volume of Polkadot is $621 Million, marking a 13% fall. Past Performance of DOT A bearish reversal after the 8th of February peak at $23 results in an upward trend in the direction of DOT price. However, this reversal in a V shape fell the altcoin by 28.6%, bringing it down to $17.18 support. In addition, the coin chart illustrates a relief rally that raised the price 15.4% higher, reaching the $19.66 mark. Source-Tradingview DOT Technical Analysis DOT price rising within a channel challenges the 50-day EMA and the psychological barrier at $20 as the buyers start a coup. Hence, closing above the resistance confluence will fire a bullish flare shot attracting buyers around the globe. The downsloping EMAs for the 50 and 200-day suggest a strong bearish trend, with the 50-day being an opportunity to rescind the movement upwards. But, a possible break from the 50-day EMA will be able to reach the 200-day EMA, which would result in a rise of 20 percent. MACD Indicator: It appears that the MACD, as well as the signal line, are set to join under the line of zero, which could trigger a bullish crossover. Therefore it is indicating a poten...