- Polkadot price expected to climb to $20.00.
- The closest support level lies at $16.00.
- DOT faces resistance in crossing above the $17.50 mark.
Polkadot price has risen to the $17.50 mark in order to retest the resistance level. The price has rebounded after falling to the $15.00 support level. DOT has observed strong bullish momentum in the past 24 hours, with the price rising by more than 10 percent from the day’s opening price.
The broader cryptocurrency market observes bullish sentiment across the last 24 hours as most cryptocurrencies recover from yesterday’s losses. Bitcoin has climbed back above the $32,500 price level, while Polkadot observes a 9.51 percent increase across the period.
Polkadot price overview: Polkadot price across January
Polkadot price started the year on a low note as the price continued to consolidate around the $8.50 mark. The price action remained glued to the mark for the first 13 days of January before it found bullish support rising above the $10.00 mark. Since rising above the price level, Polkadot moved sharply to the $15.00 mark before meeting strong resistance.
DOT was rejected at the price level, causing the Polkadot price to fall back to the $12.50 support level. The price made another attempt at climbing above and succeeded in rising to the $17.50 mark. Since then, the price action has failed to climb any higher and continues to trade below the level.
Across the technical indicators, the MACD is bearish but shows declining bearish momentum. The indicator suggests a bullish reversal as the two EMAs start to converge. This indicates a decreasing bearish pressure as the markets start to turn bullish, suggesting an upward price movement.
The RSI is neutral inclined upwards, suggesting an increasing bullish pressure. Currently, the indicator is trading at 56.44, indicating room for sharp upwards movement before the price would need a correction.
The Bollinger bands share this sentiment and show expansion. The indicator is currently narrow but expanding upwards, suggesting increasing price volatility for Polkadot in the short term.
The four-hour technical analysis issues a strong buy signal as 16 of the 26 major technical indicators issue a buy signal. On the other hand, none of the indicators are issuing sell signals while 10 indicators remain neutral, not leaning towards either side.
The 24-hour technical analysis shares a similar sentiment as 14 of 24 indicators issue buy signals while the remaining 10 remain neutral. This shows a highly bullish market sentiment across both timeframes. Overall, the technical analysis suggests a strong bullish movement at the price level.
What to expect from Polkadot price?
Traders should expect Polkadot price to rise to the $18.00 resistance mark as the price heads to the $20.00 mark. The supportive technical indicators and the rising trade volume suggest a breakout above the mark towards the $19.00 level. DOT should climb to the $20.00 mark in the next few days.
Conversely, if Polkadot price falls below the $16.00 mark, DOT might fall to the $15.00 support level. Further downwards movement may mean a drop to the $12.50 price level. However, that is unlikely considering the strong bullish sentiment and the positive technical indicators.
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.