Polkadot Price Prediction: DOT Breaks Above $ 44, Preparing For $ 50

TL; DR breakdown

  • The polkadot price is expected to rise to $ 50.
  • DOT faces resistance at $ 45.00.
  • The closest support level is at $ 43.0 and further down at $ 42.0.

Polkadot price surged above the $ 44 mark as the bulls finally broke above levels after fighting for $ 41. The DOT price has seen a price increase of over 10 percent since last week as the price movement shows a steady upward movement.

The broader cryptocurrency market has been bullish for the past seven days, with most of the major cryptocurrencies posting gains over the entire period. Key players include Ripple’s XRP and BNB, which are up 18.60 and 10.70 percent, respectively. Meanwhile, Bitcoin and Ethereum are up 2.23 and 12.82 percent, respectively.

Technical indicators for DOT / USDT

Across all technical indicators, the MACD recently showed a bullish reversal and has remained bullish ever since. The dark green histogram is increasing in size, indicating increasing upward momentum, and while both EMAs are rising, the 12-EMA is deviating from the 26-EMA, indicating strong buying pressure at the current price level.

The RSI is currently trading in the neutral zone, just above the 60.00 level. The indicator has been trading in the neutral region for the past two weeks, with the upward momentum only slowing in the past few hours. Currently the indicator is showing increasing bull momentum, but also suggests declining pressure at USD 45.00.

The Bollinger Bands are currently wide but will converge quickly as the bears take over the market momentum. The convergence of the bands suggests a decrease in the volatility of the polkadot price in the short term. However, as the price consolidates above the centerline of the ribbons, the ribbons will slope upward for the next candlesticks.

Overall, the 4-hour technical analysis gives a buy signal, with 15 of the 26 most important technical indicators suggesting they support a bullish move. On the other hand, only two indicators give sell signals that point to a bearish retracement. There are now nine indicators sitting on the fence and providing no support for either side of the market.

The 24-hour technical analysis shares this assessment and also gives a buy signal with 17 of the 26 indicators, which point to an upward movement against zero indicators, which point to a bearish retracement. Nine indicators now remain neutral and are not giving any signals at the time of writing.

What to Expect from the Polkadot Prize

Polkadot Price Prediction: DOT breaks above $ 44, gearing up to $ 50 for the next 2

Traders should expect the Polkadot price to make a bullish breakout above the $ 4.00 mark if the price climbs out of the consolidation channel. It is expected that DOT will rise towards USD 50.00 in the next few days. The positive technical analysis and increasing trading volume also support this proposal.

Conversely, if the polkadot price fell back to $ 42.00, DOT would continue to consolidate at the price level as the bulls attempt to gain momentum again. When this happens, the price is expected to hit the $ 40.00 mark before recovering.

Disclaimer of liability. The information provided is not trading advice. Cryptopolitan.com is not liable for investments made on the basis of the information provided on this page. We strongly recommend that you conduct independent research and / or advice from a qualified professional before making an investment decision.

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