- Polkadot fell from record levels and was trading between a thin channel as it entered a phase of consolidation. The VET also moved lower than its peaks, but the bulls managed to stop the move at $ 0.029. Indicators gave mixed signals for the future trend of prices. ALGO was bullish at the time of writing, and a rise to a more recent local peak may be possible.
Polkadot fell from record levels and was trading between a thin channel as it entered a phase of consolidation. The VET also moved lower than its peaks, but the bulls managed to stop the move at $ 0.029. Indicators gave mixed signals for the future trend of prices. ALGO was bullish at the time of writing, and a rise to a more recent local peak may be possible.
Polkadot (DOT) tried to break above the $ 10.54 resistance last week, despite numerous attempts by the bulls. In fact, a correction dropped prices by 12% on the charts after breaking through the all-time high a few days ago. After the drop, the $ 9.49 support provided some relief, and the DOT moved from $ 10.03 straight to the ceiling. As we move forward, some sideways movement can be expected and DOT could trade within its current channel of $ 10.03 and $ 9.58.
The Awesome Oscillator was bullish neutral as the green bars tried to move above the equilibrium point.
Bollinger Bands fluctuated low in price as the bands approached each other. In the short term, prices can trade between the signal line and the upper band and reaffirm consolidation between the current channel.
Similar to the DOT, VET fell from its all-time high of $ 0.031 and the price found support at $ 0.026 as the bulls prevented further sales. Gains were capped at resistance at $ 0.029, although the bulls tried to push prices upwards to record highs. Currently, the momentum is neither dependent on sellers nor buyers, and the indicators show that movement in either direction is possible.
As the MACD’s fast moving line catches the signal line, a bullish trend was seen on the horizon. If the crossover occurs, prices may rise above current resistance levels.
On the other hand, the Stochastic RSI signaled a potential reversal as the index was trading in the overbought territory. If the index moves down towards the oversold area, prices could drop below its current support and head towards the next defense at $ 0.021.
After selling pressure forced prices to support at $ 0.432, the bulls regained control and were looking for target resistance at $ 0.522. The next few sessions could be crucial to ALGO’s price as it lowers a local high of $ 0.54 reached four days ago. Indicators showed that the above local high could indeed be broken as there is a strong buying momentum in the market.
The Relative Strength Index was rising towards the overbought zone, indicating that prices were rising. If the index is traded in the overbought zone, the momentum may push prices above their instantaneous resistance.
Balanced Sales Volume has consistently reached low levels since the beginning of the month, indicating that buyers are pushing prices to new levels.