TL:DR Breakdown
- Polkadot price expected to rise to the $11.00 mark.
- The closest support lies at $9.00
- Polkadot faces resistance in closing above the $10.00 level.
Polkadot price has crossed above the $10.00 price level as bulls made a swift recovery from the $7.500 price level. The price climbed above the $10.500 level but has retraced since then to the $10.200 level.
The broader cryptocurrency market observed a bullish change across the last 24-hours. However, the change has been low, and most major cryptocurrencies recorded a change of less than 5 percent across the period. This is the same for Bitcoin as BTC traded at an almost 2 percent raise across the timeframe.
Polkadot price overview: Polkadot price across January
After starting the year with a bullish outlook, Polkadot price has observed little movement above the $10.00 level. While the bulls carried the price to the $10.00 level by January 4, DOT was not able to close the day above the level, and the price declined below.
Since then, Polkadot price has remained consolidated below the $10.00 level until January 11, when the price fell to the $7.500 level. Across the last 48 hours, Polkadot has made a strong recovery, climbing above the $10.00 level. Currently, Polkadot is trading at $10.14, showing a 22 percent increase from the day’s opening price.
Technical analysis
Across the technical indicators, the MACD shows increasing bullish momentum as the size of green candlesticks continues to increase across the 4-hour timeframes. As such, the EMAs have continued to diverge further.
The RSI hovers near the 70.00 mark, suggesting that a movement upwards of the $10.500 level would make Polkadot price overbought and issue a sell signal. However, if the price closes above the $10.00 level today, Polkadot would have room to continue rising towards the $11.00 level tomorrow.
The Bollinger bands are expanding, which shows that Polkadot price volatility will continue to increase in the short term.
Across the four-hour frames, 14 of the 28 major technical indicators issue a buy signal while only two indicators issue sell signals. Meanwhile, ten indicators remain neutral and do not indicate support towards either side. Overall, the technical analysis issues a buy signal.
This sentiment is further reinforced in the four-hour technical analysis that shows 19 indicators that are issuing a buy signal. The analysis issues a strong buy signal as only one indicator issues a sell signal.
What to expect from Polkadot price?
Traders should expect Polkadot price to rise to the $11.00 level as strong bullish momentum marks DOT/USD charts. Furthermore, the positive indicators suggest that DOT may break above the $11.00 level with price establishing a support level above the mark.
However, if Polkadot price falls below the $10.00 level, DOT would fall back to the consolidation it has traded in since the year’s start. In that case, DOT would remain below the $10.00 mark until late January with potential for further downward movement.
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.
