After some beatdown, Bitcoin and other top crypto tokens were mostly back in recovery mode ahead of the US Federal Reserve’s monetary policy later in the day. The US central bank is expected to increase the interest rate 25 basis points on Wednesday. Korean crypto markets continued to remain stronger.
Polkadot (DOT) is currently trading at $5.6 after getting rejected at the $5.8 mark. The Bollinger Bands (blue lines) are currently wide as the price volatility increases near $5.8 and shows convergence as the price action is trending down below the indicator’s mean line.
The indicator’s bottom line provides support at $5.5 while the upper limit presents an immediate resistance at $6.0. While there is a slight decrease in demand in the last few days, we observe an increasing trend of accumulation for the coin which is a positive sign in the medium term.
Support: $5.5, $5.6
Resistance: $5.8,$6.0(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)