Polkadot is flashing in green and is looking to break out of its current trading range. The altcoin has been in a narrow channel since last month but broke through on January 1, 2023.
DOT managed to breach the upper resistance and since then, it has been on a bullish trend. In the last 24 hours, Polkadot gained 3.80% and has been trading at $4.46. Its positive price movement and activity has prompted investors to take it up. Polkadot price activity, as per the on-day chart, is on an uptrend. DOT is trading above all its key moving averages. The upward momentum pushed the price to trade above the$4.35.
Moreover, DOT’s relative strength index is in the bullish zone. This suggests that buyers are in control of the crypto market. The moving average convergence divergence (MACD) is above the signal line, meaning that the bulls are in control. DOT is also showing increased volatility – higher level of activity in the market. Polkadot’s upper limit is $5.18 while the lower limit is $4.00. In terms of long-term outlook, the altcoin remains bullish as more investors want to scoop it up.
It should be noted that Polkadot price broke out of its previous trading range and is set to test the next resistance at $4.35. Currently, it’s in the overbought zone as buyers aggressively push the price higher.