- Polkadot price remains in consolidation around $26-31 range
- Positive technical indicators predict explosive upturn ahead
- Resistance set at $40 with support incumbent at $20
Polkadot price analysis for the day shows the token poised for a spike pattern with price expected to reach as high an all-time high. Currently, DOT is oscillating within a close range of $26-32 with price sitting at $27.60 at the time of writing. Trading volume fell 30 percent over the last 24 hours, suggesting some inactivity in the market. The current trend presents a buying opportunity for traders with an entry of buy stop order at $32 and stop loss set at $24. In this scenario, the profit target could go as high as $82.
The larger cryptocurrency market continued recoveries initiated yesterday, with Bitcoin approaching $48,000 and Ethereum closing in on $3,800, with a single percent increase each. Among Altcoins, Cardano and Dogecoin dropped to $1.35 and $0.169, respectively, while Terra upped 4 percent to sit at $90.23. Ripple also rose 1 percent to $0.842.
DOT/USD 24-hour chart: Spike pattern hints of coming upturn
On the 24-hour chart for Polkadot price analysis, a Point and Figure pattern, also coined as the Spike pattern can be seen where price is expected to rise as high as 178 percent going into the new year. After an initial burst upwards on December 26, price continued to consolidate above $31 before sellers reaped profits at $32.88. Now, price is set to find a new uptrend and offers a buying opportunity at current trade. The Relative Strength Index (RSI) is looking on the up at 45.93 and price will target consolidation above the 50-day exponential moving average at $28 next.
DOT/USD 4-hour chart: $30 in sight with growing RSI
The 4-hour chart for DOT/USD trade pair shows price upping up to $28.11 over the past few trading sessions. The 4-hour EMA was breached at $27.61 with an RSI value of almost 48 showing incremental market valuation for the token. The Moving Average Convergence Divergence (MACD) curve also exhibits a bullish view with the neutral zone in sight below the 0.00 mark, indicating the expected price movement upwards. Over the next short-term trading sessions, DOT is expected to test the immediate resistance point at $30, and face sterner tribulations around $40. However, any movement below $25 could slide price down to the October high of $20.
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