DOT Nearly Goes Parabolic, ANKR & KSM Could Soon Follow

Share Article
In Brief
  • DOT is following a parabolic ascending support line.

  • ANKR has broken out from a long-term descending parallel channel.

  • KSM has broken out from a descending resistance line.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Polkadot (DOT) is moving towards the $41.35 resistance area while following a parabolic ascending support line.

Sponsored



Sponsored

Ankr (ANKR) has broken out from a long-term descending parallel channel.

Kusama (KSM) has broken out from a descending resistance line.

Sponsored



Sponsored

DOT

DOT has been increasing alongside a parabolic ascending support line since July 20. On Aug. 21, it was rejected by the $29 resistance area and fell. 

However, it resumed its upward movement on Aug. 30, bouncing at the supertrend support line and a potential parabolic ascending support line. 

While the line has only been touched twice, the rate of increase since the bounce adds to its validity. Furthermore, both the MACD and RSI are increasing, even if the latter is overbought. 

The closest resistance area is at $41.35. This is both a horizontal resistance area and the 0.786 Fib retracement resistance level. 

A movement above this line would take DOT to a new all-time high.

Chart By TradingView

Highlights

  • DOT is following a parabolic ascending support line.
  • There is support and resistance at $29 and $41.35.

ANKR

ANKR has been following a descending resistance line since March 28, when the token reached an all-time high price of $0.216. After decreasing for a long period of time, ANKR managed to break out on Aug. 14.

The upward movement continued after the RSI generated considerable hidden bullish divergence (yellow). Afterwards, the ensuing upward movement also broke out the descending resistance line in the RSI (blue). 

The next closest resistance area is at $0.153. This is both a horizontal resistance area and the 0.618 Fib retracement resistance level (white).

Chart By TradingView

Highlights

  • ANKR has broken out from a descending parallel channel.
  • There is resistance at $0.153.

KSM

KSM had been following a descending resistance line since May 18, when it was trading at its all-time high price of $625. 

It broke out on Aug. 19 and returned to validate the line as resistance on Aug. 27 (green icon). It has been moving upwards since.

Currently, it is attempting to move above the 0.618 Fib retracement resistance level at $440. Doing so would likely take it towards the all-time high resistance area of $600. However, unlike DOT, the rally is not yet parabolic. 

Technical indicators in the daily time-frame support the continuation of the upward movement. The RSI and MACD are both increasing and the supertrend is bullish.

Chart By TradingView

Highlights

  • KSM has broken out from a descending resistance line.
  • There is resistance at $440.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join