Polkadot Price Analysis: DOT Spikes 8%, Heading Towards Crucial Resistance

Following an 8% daily increase, DOT attempts to retest the key resistance at $32 on renewed momentum.

Key Support level: $25

Key Resistance level: $32

Polkadot’s DOT native token completed a short-term correction and is now creating a support floor and trading range between the support level at $25 and resistance at $32.

The first attempt to break out above this trading area was rejected last Monday. However, DOT appears ready for a second tryout.

Chart by TradingView

Technical Indicators

Trading Volume: A reasonable amount of volume on the last attempt on Monday to break above $32. The current volume is a bit low (maybe due to the weekend), but it favors the buyers right now. Watch out for the volume on Monday.

RSI: The RSI is making higher lows, which is a bullish sign, and is currently hovering just above 50 points – the neutral level.

MACD: The daily MACD is bullish and is heading up, despite the rejection at key resistance last Tuesday. This is a promising sign for bulls.

Chart by TradingView

Bias

The bias on DOT is somewhat bullish, but a break of the critical resistance is needed to confirm this.

Short-Term Prediction for DOT Price

DOT managed to stop the downtrend and consolidate under the key resistance at $32. Now, buyers appear eager to take DOT back up again as they prepare the stage to break the key resistance. Should they fail, DOT will face the ‘floor’ level at $25. Watch out for possible volatility to return next week following the new year holiday.

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]

No Comments

Sorry, the comment form is closed at this time.