Bitcoin and other crypto tokens were mixed on Wednesday as the traders looked for the decisive cues. The range-bound movement continued in the digital market in the absence of key economic events. However, the optimism over Bitcoin ETFs supported the sentiments.
Polkadot (DOT) has been rejected at the $5.5mark and has retraced towards the $5.2 level.Additionally, there has been a slight decrease in demand this week though accumulation has been recovering marginally, which is a positive sign for the altcoin’s price.
 

Its Bollinger Bands are currently narrow as the price volatility increases near the $5.2 mark and show convergence below indicator’s mean line. The indicator’s bottom line provides support at $4.9 while the upper limit presents a resistance level at $5.5. However, if price breaks below $5, it signals resumption of downtrend with immediate support near $4.85 range.
Major Levels:
Support: $4.85, $4.6
Resistance: $5.5,$5.85(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.)