- The POKT token was trading at $0.03057, observing a decline of 2.2% in the last 24 hours.
- The 50-day EMA has made a bullish crossover from the 200-day EMA.
- POKT coin’s price is giving a movement on the bullish trendline.
Pocket Network is a decentralized blockchain platform – a protocol that is developed to connect to any blockchain and service the data order of Web3 dApps. Pocket Network uses cost-effective economics to synchronize and distribute data at scale, using the POKT token to enable the protocol’s service.
After 1 month of consolidation in October this year, the price took support from the level of $0.023 and got a golden bullish cross above the 50–day EMA. It is also following a bullish trendline, where it has been making higher highs.
Currently, the price is taking support from the base of the trendline. In the next move of making a higher high, the price will break above the resistance of $0.031 to $0.032.
The present circulating supply of the token is 1.52 Billion POKT. Its daily trading volume has decreased by 29.33% in the last 24 hours. The current market capitalization of POKT is $46.72 Million.
Technical Analysis Of POKT Token (Daily-1D)
The POKT token’s price is currently maintaining its movement on a bullish trendline. If the price breaks the resistance level of $0.031 to $0.032, the next target for the price can be the resistance zone of $0.0340 to $0.0347. Breaking that resistance will be important to sustain the bullish price action.
However, If the price gets rejected from the resistance of $0.031 to $0.032, it may come down and break below the bullish trendline and fall to the support level of $0.026 to $0.027. Losing the support of the 50-day EMA and the 200-day can make the price bearish and the price may start a downtrend.
Also, token price can break below the trendline, take support from the 50-day EMA, and then continue its bullish movement.
Indicators On The Price Of the POKT Token
Moving Average Convergence/Divergence (MACD)
The volumes in the MACD are showing red signals of falling volume. The fast blue line moving average has crossed below the red slow line moving average, which is a negative sign for the price action. If the volume keeps on decreasing, the price will get bearish.
Net Volume
The net volume of the token has decreased by 40.226K, which is also a sign of the bearish price action.
POKT LIVE CHART
Conclusion
The overall analysis of the POKT token suggests that the price can come down breaking its bullish trendline. The price is likely to take support from the 50-day EMA and move upside again. However, If it closes above the trendline and the volume starts increasing, it will continue its bullish motion.
Technical Levels
Support Level: $0.026 to $0.027 and $0.0230 to $0.0237
Resistance Level: $0.031 to $0.032 and $0.0340 to $0.0347
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.