DOT Price Analysis: Polkadot (DOT) Bullish Set Up Confirmed, Next Price Target $17

  • Dot price sees a near 40% revival off weekly low
  • DOT Price is attempting to hold out of falling wedge
  • RSI breaks 5 month trend line

DOT Price Overview

Polkadot (DOT) popped in the crypto scene mid last year as it brought a very useful solution that many cryptocurrency advocates rant about. This solution was pure interoperability across a variety of blockchains, which simply put means; allowing different blockchains to communicate with each other seamlessly. This solution gained much traction as the price of dot experienced nearly 1000% gains in under a year. As the market has fallen the last few months, so has DOT. Although price action is starting to print signs of a potential reversal. 

While looking at the chart, we can see DOT has formed a falling wedge over the past 65 days (shown in blue). This pattern is generally bullish as Polkadot just succeeded in a bullish breakout the last week. At the time of writing, bulls are attempting to break a major resistance zone that is found at $12.85-$14.40.

If price manages to break & hold this zone, DOT will likely rise to its next major resistance of $16.95. But before this can occur, DOT must also break & hold the 30 Day MA shown in red. This mark has held DOT down for over 2 months. 

Polkadot Price Analysis: DOT/USDT 1 Day Chart

If bears come back to take control, DOT will first find support at $12.85. If price fails to hold, DOT’s next bounce area should be the top trend line of the falling wedge pattern. This would be completely fine as it can be looked at as a breakout and retest, which is bullish scenario. Now if Polkadot fails to hold this trend, we can likely suspect a drop to the major support of $10.63 will soon come. Anything below this would be a very bearish scenario. 

  • While looking at the RSI, we can see strength has just succeeded in a breakout of a 5 month long trend line. This is a great sign for the bulls as it is usually the first step to a mid term trend change. As long as DOT can break over the 50 value, much more upside will be on its way.
  • The MACD is currently making a bullish pattern which has one of two MA’s out of it. We should expect a push to the 0 value & a breakout above will likely result in a large price surge.
Read the article:  BTC price falls back to $47K as weekly close neatly tracks Bitcoin futures gap

DOT intraday levels 

  • Spot rate: $13.46
  • Trend: Bearish
  • Volatility: Medium
  • Support: $12.90
  • Resistance: $14.40
Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 1-2 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
These trading signals help earn from 20% to 150% profit in just a few hours after purchasing the coins published on the Telegram channel “Crypto Pump Signals for Binance”. Are you already making a profit using these trading signals? If not, then try it! We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP users of the Crypto Pump Signals for Binance channel. Examples can be seen on this page!
John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

Leave a Reply