- DOT has surged 40% from its weekly lows
- The coin still trades inside a descending price channel.
- The 200 MA continues to serve as resistance.
Polkadot remained calm over the past few sessions as it stalled around a critical resistance. However, the total crypto market registered pushes off the lows. Keep in mind that the market didn’t saw revivals in months after the market crash. DOT managed to climb to the top ten digital coins by market capitalization within one year.
At the moment, DOT relies on Bitcoin’s higher moves to claim the $20 levels.
The last two months had had DOT price in a declining channel formation (blue). The channel’s trend is crucial to the price movements as the asset faced continuous rejections. Polkadot has aimed to claim the trend’s top over last week. However, the critical resistance at $14.72 kept stopping DOT from registering higher prices.
Bulls need to clear this level to take Polkadot towards the vital resistance levels at $16.30 to $17.26.
If Polkadot bulls fail to conquer and maintain this resistance, the coin will drop towards the vital support at $13.00. The following critical support lies near $11.00. Remember, the 200 MA serves as a resistance level for more than two months. DOT has to deal with these massive barriers to ensure safer prices.
The recent positivity in the crypto market had most digital assets surging to new highs. As BTC managed to cross above $40,000, DOT increased by 40% from its weekly lows. For now, the market will require support from the correct sentiments to ensure high highs. Market analysts predict a lucrative future for altcoins, as the crypto space enjoys increased mainstream acceptance.
The DOT’s RSI forms a bullish attitude beneath the overbought region. That indicates bullishness to push the asset higher. At the moment, the RSI needs to break over the 70 trend-line to register a rally.
The MACD remains without significant highlights as it has endured sideways movements for a while. That specifies massive moves towards the horizon.
- Trend – bullish
- Spot rate – $14.50
- Volatility – medium
- Support – $13.03
- Resistance – $14.68
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