polkadot. wooden cubes with the inscription polkadot on the background of the distributed defi network
Polkadot price is finding resistance around $45.50 after bouncing off the support level of $40 on Tuesday. Its trajectory in Thursday’s session is comparable to that of Bitcoin; as is often the case. BTC is finding resistance at around $67,000 after bouncing off the support zone of $64,000.
According to CoinMarketCap, the global crypto market cap is up by 5.42% from the previous session at $2.67 trillion. In comparison, Polkadot’s market cap has risen by 7.34%. The altcoin is currently ranked 8th in the crypto market.
DOT is trading within a tight range after bouncing off the psychological level of 40 earlier in the week. On Wednesday, the altcoin has been on a rebound for two consecutive sessions. Subsequently, it hit an intraday high of 45.53 on Thursday before pulling back.
At the time of writing, Polkadot price was down by 0.11% at 44.33. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the immediate term, I expect the crypto to trade within the horizontal channel of between Thursday’s high of 45.53 and along the 25-day EMA at 42.65. Above the channel’s upper border, the bulls will strive to retest the year’s high of 49.75. On the flip side, a move below the lower border will likely have the bears retesting the support zone of 40.00.
This post was last modified on Oct 21, 2021, 11:51 BST 11:51