The price of Polkadot (DOT) broke the falling wedge formation last week, creating a significant bullish signal. Currently, the altcoin is trading at $6.47. In a falling wedge pattern, the price moves between two downward sloping trend lines, while this breakout means Polkadot has crossed the upper trend line. When an asset price breaks above the upper trend line of a falling wedge, this is generally considered a bullish signal. Polkadot broke this upper line on July 13 and has continued its upward trend since then.
The Relative Strength Index (RSI) is at 57.81, indicating increasing buying pressure. RSI is an indicator that measures overbought and oversold conditions of an asset and ranges from 0 to 100. Values ââabove 70 signal overbought, and values ââbelow 30 signal oversold. DOT's rising RSI at 57.81 indicates a steady increase in buying activity.
The bullish sentiment towards Polkadot has increased significantly since July 11. This can be understood from the positioning of the Parabolic SAR indicator seen on a daily chart. Since July 11, the points of this indicator have remained below the DOT price.
The Parabolic SAR indicator measures the trend direction of an asset and identifies potential reversal points. Placing the dots below the price indicates that the price of the asset will continue to increase. Investors usually interpret this as a signal to hold a long position or open a new long position.
Suggestions for User:
Follow the RSI: Above 70 signals overbought, below 30 signals oversold.
Watch for parabolic SAR points: If the points are below the price, consider a long position.
Watch for falling wedge patterns: A break of the upper trend line is usually a bullish signal.
The bullish sentiment towards DOT is supported by the points of the Parabolic SAR indicator remaining below the price. If demand for the altcoin continues, it is predicted that Polkadot could trade above $6.57.
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