Polkadot News

Polkadot Price Analysis: DOT/USD set to break above the $45 resistance

TL;DR Breakdown

  • Polkadot price analysis shows mixed market sentiment.
  • Resistance is found at $45.
  • Support for DOT/USD is present at $40.

In the present market, the Polkadot price analysis reveals that the DOT/USD pair is presently in a safe position at $43.7. Today’s value shift was minor, with varied market sentiment to consider. Despite this, the preceding candle continues to glow green or occasionally crimson, implying that the price fluctuates about its present level.

On October 14th, the price rose by around $4, sending the DOT price from $35 to $41.6 before being rejected on the next day as selling pressure arrived in. The rise helped the currency reach a four-month high, yet the cost is still above $40.

DOT/USD 24-hour chart: mixed reactions

Although the price is slightly above its present value, resistance will likely be found at $45. If selling pressure arrives to drag the price below the current range of $40 – $43.7, then a low of around $35 could be witnessed once more. Support for the currency’s USD pairing will arrive at approximately $38, and if this level is broken, a low of around $30 may follow suit.

Overall, the prospects for the project are good because Polkadot implements blockchain technology into practical fields. This makes it different from many other cryptos that are struggling to solve real-world problems.

The DOT/USD pair is currently valued at $40.7, having dropped 3.8 percent in the previous 24 hours as bears attempted to compress it for a few hours, but it has increased more than 19% over the last week.

On the DOT/USD daily chart, it appears that neither the bulls nor the bears have a clear advantage, as per technical indicators. The 100-day Exponential Moving Average or EMA has formed a bearish crossover after dipping below the 200-day EMA. As per MACD, there is still no clear indication of which side will win, and traders should cautiously watch how market sentiment turns around this range of $40 – $43.7.

A month ago, Polkadot slashed its way to the top 100 cryptocurrencies by market cap. If the crypto continues to succeed in real-world applications, expect it to continue rising in value.

DOT/USD 1-day price chart. Source: TradingView

On October 12, the price began to fluctuate more frequently. Since then, the Bollinger bands have exhibited significant divergence, with the upper band at $41.5 representing resistance for the price and the lower band at $24.4 providing support.

After the RSI reversed course and proceeded ahead, the price made another try at $41. The current price tug-of-war between buyers and sellers, which hangs on both sides at the time of writing, is reflected in the RSI.

Polkadot Price Analysis: Conclusion

Parsing the DOT/USD pair, a cursory glance at its price chart shows that it is in a sideways phase after a rally from $35 to $41.6. The relative strength index has been in an expanding triangle formation since October 12th, and this increases the likelihood of a breakout soon, especially with resistance found at around $45.

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.

This post was last modified on October 17, 2021 12:17 pm

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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