Technical Indicators Suggest A Weak Bullish Move For DOT Price

The weekly technical chart of Polkadot highlights a bearish move. DOT price is moving in a consolidation zone in the daily time frame. Resistance on the upside for the coin can be seen at $36.Polkadot can bounceback while going down from $30.It is trading above 50 and 100 Moving Average. The 50MA (RED) line is at $32.3, making it temporary support for the current price. On to the time frame of the 4-hour chart, the coin has formed a parallel channel. If the price makes a jump above the parallel channel, it can rise to $50.The coin also forms a bullish engulfing candlestick pattern that can accompany the price rise.
Kindly comment your thoughts below