Polkadot price movements are within a horizontal channel after surging by over 28% in the previous session. Notably, its movements are comparable to those of the leading cryptocurrency -Bitcoin.
On Wednesday, BTC rose from an intraday low of $54,195.61 to $58,523.93 earlier on Thursday. While it has since pulled back, it remains above the resistance-turn-support level of $56,000. According to CoinMarketCap, Polkadot price has surged by 14.94% over the past 24 hours. Besides, its market cap is up by 14.94%. its trading volume has also soared by 203.17% within a span of 24 hours.
DOT has eased below the resistance level of 42.50 after surging in the previous session. On Wednesday, the altcoin had its price soar by 28.33% from an intraday low of 33.54. Since the beginning of October, Polkadot price has risen by about 45.33%.
At the time of writing, the crypto was down by 2.93% at 40.42. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, I expect Polkadot price to find support along 40.00. Below that level, the bears may manage to push the price to along the 25-day EMA at 38.56 before bouncing back to the aforementioned support zone. On the upside, 42.50 will remain a key resistance level for the altcoin.
This post was last modified on Oct 14, 2021, 14:52 BST 14:52