Polkadot price is within an ascending channel even as most cryptocurrencies trade within a horizontal channel. Since the plunge that defined the crypto market in the past week, the altcoin has surged by about 60.14%.
In comparison, Bitcoin price has risen by 5.18%. The leading cryptocurrency has been trading within a range of between $46,510 and $44,110 since Friday. During the same timeframe, Ethereum Classic has been trading between $58.94 and $53.62.
On the one hand, Bitcoin’s curbed gains will likely result in the same for Polkadot price. However, according to the crypto fear & greed index, the level of fear has eased from the prior session’s 32 to the current 44. Subsequently, the altcoin will likely remain within the ascending channel.
Polkadot price prediction
Even with the heightened volatility observed in the crypto market in the recent past, Polkadot price has extended its gains from the previous week. At the time of writing, the altcoin was down by 0.95% at 35.44.
On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages. Besides, the formation of an ascending channel also points to further gains.
In the near term, Polkadot price will likely ease at around 35.00. A further decline could place the support level along the 25-day EMA at 34.11. A subsequent rebound will still have 37.50 as a key resistance level. Notably, that upper target may remain evasive in the immediate term as it experiences resistance at Monday’s high of 37.15.