Moves on the global financial markets are muted following a Christmas weekend. Liquidity is expected to remain depressed until New Year with numerous banking holidays observed in the developed world this week. In spite of cryptocurrency markets being open seven days a week, volatility on the digital currencies market also decreased in recent days with major coins trading sideways.
However, one of the altcoins - POLKADOT - delivered an interesting technical move over the weekend. Taking a look at the chart we can see that the price broke above the upper limit of a local market geometry during the Christmas weekend. Geometry has been respected throughout a recent over-month long downward move. A break above comes after cryptocurrency managed to break above the 80-period EMA (blue line, H4 interval) - another important resistance that was guarding the downward trend. The nearest potential resistance can be found at the 38.2% retracement of recent downward move in the 35.20 area.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
