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Crypto majors are beginning the trading day in the green as a short squeeze pushes up the price of bitcoin. Positive news flow from global institutions is pushing the markets higher. However, traders will keenly be awaiting US Fed chair Jerome Powell's comment later in the day.

Polkadot (DOT) has broken the ceiling of the falling trend in the medium term. The asset has reached a significant support region, rising above the lower boundary of the descending channel and the static support zone of $4.5.

The price action indicates thatDOT remains within a descending channel and is presently heading toward its upper boundary. Additionally, the RSI indicator is leaning towards neutral territory with values inching towards 50(currently at44). If DOT manages to cross its 20-day moving average at $4.8, it can quickly rally towards $5.5 levels.Major Levels:Support: $4.6, $4.25Resistance: $5.5, $6.0(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.)

Also read: Tata Steel shares recover, up 9% in 1 month; Motilal Oswal sees limited upside potential

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Crypto Price Today: Bitcoin tops $28,500; Ethereum above $1,800; Cardano, Polygon rise up to 8% - Business Today