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Polkadot Analysis: Drops From The Pattern;Suspected to Climb $10

Long
POLONIEX:DOTUSD   Polkadot / US Dollar (calculated by TradingView)
The weekly technical chart of Polkadot highlights a robust bullish trend built by the coin, which is followed by reasonable price corrections at regular intervals. DOT was trading in the symmetrical triangle pattern and fell below the pattern reflecting a bearish movement. The price currently trades at $9.56 below its resistance zone of $10.11 and the following support zone of $9.58. If it breaks above the current resistance, we might expect the revival of bulls.

If we dive into the weekly chart's 30-minute time frame, a bullish engulfing candle is formed, which indicates a buying signal in the coin.

Concerning the Relative Strength Index ( RSI ), 41 indicates that the coin is in a neutral phase. After forming a descending parallel channel from Jan 7 and going down from the overbought to a neutral zone.

Meanwhile, the Moving Average Convergence Divergence ( MACD ), had a bearish crossover signal line on Jan 7, 2021, trading session indicating a selling signal in the coin. The trend remains negative due to the overall market conditions.

The Schaff Trend Cycle Indicator ( STC ) of 0.13 displays a selling sign in the coin on Friday's trading session and can shortly indicate a buy-in in the upcoming market session.
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