TL;DR Breakdown
- DOT price prediction highlights Polkadot’s recent surge that catapulted it to a new all-time milestone.
- DOT hits a new ATH after bypassing the resolute resistance level at $40.
- The recent spike managed to reach $47 but failed to hit the coveted $50 mark.
- Polkadot is poised to record a price correction before embarking on a new journey towards a new all-time high.
This week has been a good one for Polkadot as the digital currency managed to slice above the critical $40 mark. After bypassing this significant level, Polkadot experienced enormous buy orders from investors due to the speculation that it might rally further towards the $50 mark.
DOT Price Prediction: General price overview
Although DOT did not manage to hit the $50 mark, the crypto asset managed to record an all-time high at $47. At the time of writing, Polkadot is hovering around the $44 region amid the desire for higher support.
The recent price spike did not happen overnight as the rally gathered momentum during the Easter holiday. Polkadot was not the only digital asset to record impressive gains as several other cryptocurrencies such as Stellar and Ripple recorded upward movements. DOT pulled back to $40 following its rejection at the $47 mark on the flip side. Meanwhile, the crypto coin has already renewed its quest to bypass the $45 mark in the course of trading today.
Luckily for the digital currency, the current immediate resistance level gives it the chance to retest its all-time high around the $46 mark. At a glance, an upsurge price movement towards the $49 and $50 mark may limit the coin’s price movement. Polkadot’s Moving Average Convergence Divergence (MACD) recently recorded an impressive high at 2.6. At present, there is a correction ongoing, but the technical indicator appears to be leaning more towards the sideways trading movement according to the MACD analysis.
For example, the MACD’s blue line is hovering slightly below the signal line. The challenge at the moment is bypassing the signal line to reactivate another price surge. It is worth noting that the MACD usually moves in a horizontal motion, therefore we should expect a price consolidation before a bullish movement.
DOT price movement in the past 24 hours
According to DOT’s 24-hour chart, digital currency is enjoying a solid bullish momentum as its price has managed to break significant resistance levels to settle above the $40 mark. Interestingly, DOT’s positive price movement is accompanied by its trading volume surging considerably in the last 24-hours.
A price rally towards the coveted $50 region is improbable at this point, as key technical indicators show Polkadot should be in for sideways trading before any bullish outlook. It appears there is a strong likelyhood that once DOT bypasses the $47 mark, its price could consolidate between $48 and $50 regions.
DOT 4-hour chart
According to technical analysis on the 4-hour chart, if Polkadot fails to close above the $44 level, it risks plummeting towards the regions of $40. The $40 level will act as a vital support line for the digital asset in such a scenario. If the $40 support line fails to hold, investors should prepare themselves for a massive selling spree in the market. This will, in turn, further push its price downwards towards the $34 to $30 regions.
Conclusion
DOT’s fundamentals are strong, especially now that it is partnering with USDT, another stablecoin in the market. Additionally, Enjin recently raised more than $15 million to construct a blockchain network based on NFTs.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
