- Polkadot has faced strong resistance at $4.27, but the RSI shows a breakout is now possible.
- The price has also touched the 50-day SMA, indicating that the short-term trend is flipping bullish.
Polkadot [DOT] traded at $4.25 at press time after a nearly 2% gain in 24 hours. The altcoin has faced strong resistance above its current price, with every breakout attempt failing due to a lack of buyer support.
However, interest in Polkadot is now building up. CoinMarketCap shows that in the last 24 hours, DOT’s trading volumes have increased by more than 20%.
Besides these rising volumes, several indicators suggest that the trend could be reversing.
Key reasons why DOT can overcome resistance
Bulls are getting ready to support DOT’s breakout above the $4.27 resistance level. This price has acted as a strong resistance for nearly two weeks, showing a lack of interest by buyers.
The Relative Strength Index (RSI) shows that…
