Polkadot price has edged higher in Wednesday’s session. Nonetheless, there isn’t enough bullish momentum to push the altcoin past the week’s crucial resistance zone. For as long as fear remains the key emotion driving the crypto market, the altcoin will likely record curbed gains in the ensuing sessions. In particular, the crucial zone of $35.00 may remain evasive. The crypto fear & greed index is currently at an extreme fear level of 23.
DOT has bounced off the day’s low of 28.40 to find resistance at 30.61. At the time of writing, it was up by 4.5% at 29.98. Even with the gains recorded in Wednesday’s session, the altcoin is still trading within a rather tight range.
On a four-hour chart, Polkadot price is trading slightly above the 25 and 50-day exponential moving averages. Besides, it is hovering around the long-term 200-day EMA.
In the near term, Polkadot price will likely record curbed gains as it continues to find support along the 50-day EMA at 28.88. A move below that point may push the altcoin to the lower level of 27.69.
On the upside, a move past the aforementioned resistance of 30.61 will have the bulls eyeing December’s high of 32.33. Based on the current bearish outlook, the cryptocurrency may remain below the crucial level of 35.00 in the short term.
This post was last modified on Jan 05, 2022, 14:21 GMT 14:21