POLKADOT Token Price Analysis: DOT Token Price is in an Uptrend, Will the Trend Continue?

• DOT token price is in a strong uptrend on the daily time frame, and currently, it is trading at $23.02.
• The token is a forming falling wedge bullish chart pattern on a daily time frame.
• The pair of DOT/BTC is trading at 0.0004848 with an increase of 0.70% in the market cap of the digital asset over the past  24 hours.

DOT token price is in a downtrend daily and faces continuous rejection of the EMA, acting as a long-term supply zone. DOT token price is trading along the Supply zone of $24.29 on a daily time frame. The token forms lower low and lower high formation on a daily time frame. At present, the token is resting at a long-term demand zone on the weekly time frame, and thus if it can break out of the green trendline on the upside, the token can be seen moving upside. But if the token breaks the demand zone, it can fall rapidly. Currently, the token is trading below all the crucial Exponential Moving Average (20, 50, 100) and could face rejection moving upwards.

DOT token price has been trading in a small range from past trading weeks, and thus breakout on either side will trigger the big move. The token is currently trading at the middle of the Bollinger band indicator. The Bollinger band’s range has become narrow, indicating an impulsive move in the upcoming trading days. Volumes have decreased, and thus momentum on any side will continue for a long time due to less volatility.

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