Polkadot News

Polkadot price prediction: Polkadot retests $42 support, prepares to push towards $46

TL;DR Breakdown

  • DOT peaks around $44 overnight.
  • Next resistance at $46.
  • Closest support at $42.

Today’s Polkadot price prediction is bullish as the market continues setting higher highs and lows, with the 50 – 61.8 Fibonacci retracement area acting as a support. Therefore, we should see the market push higher over the weekend and finally test the next price target at $46.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Market leader Bitcoin has lost 1.75 percent, while Ethereum remains flat with a small gain of 0.27. Meanwhile, the best performance is seen for Dogecoin, which is up by 100 percent. Alternatively, the worst performance from the major altcoins is seen for VeChain (VET), as it has dropped by almost 4 percent. 

Polkadot price prediction: Polkadot retests $42 support, prepares to push towards $46

DOT/USD opened at $43.44 after failing to move above the previous local high yesterday. Overnight the market retraced and established another higher low above the $42 support. This price action development should lead DOT/USD towards pushing higher over the weekend as bulls finally look to break above the $46 mark.  

Polkadot price movement in the last 24 hours

The DOT/USD price moved in a range of $41.52 – $44.30, indicating a moderate amount of volatility. The 24-hour trading volume has dropped by 5.36 percent and totals $2.5 billion. Meanwhile, the total market cap stands at $39.9 billion, ranking the cryptocurrency in 7th place overall.

DOT/USD 4-hour chart – DOT slowly trades higher over the past days

On the 4-hour chart, we can see another higher low set above the $42 support as well as the 50 – 61.8 Fibonacci retracement area over the past hours. If a further downside is not seen later today, DOT/USD should see another push higher over the next 24 hours.

DOT/USD 4-hour chart. Source: TradingView

Overall, Polkadot price action has slowed down over the past week. After forming a double top at the beginning of April around $46 resistance, the market dropped 17 percent until it found support at $38. From there, the market slowly moved higher and started to consolidate with the $40 mark as a support and the $42 mark as a resistance. 

On the 12th of April, a slight push below the $40 support resulted in a false breakout, after which DOT/USD started rallying all the way to the $44.5 mark. However, most of the gain was retraced on Wednesday as the market briefly spiked towards the $40 support once again.

Since then, the Polkadot price action momentum has shifted to bullish again, with both higher high and low established. Earlier today, we saw a brief retest of $42 support, with a slight rejection for further downside seen later. 

Therefore, we expect the market to reverse back to the upside over the next hours and aim. The next target to the upside is seen around $46, where the DOT/USD previously set a new all-time high and subsequently failed to breakout, forming a double top pattern. If the $46 level is reached from the current price of $42.5, we would see a quick upside of 8 percent.

Polkadot Price Prediction: Conclusion

Polkadot price prediction is bullish as the market has rejected further downside around $42 over the past hours after setting a higher local high overnight. Therefore, we expect DOT/USD to reach the next major resistance around $46 over the weekend, meaning a potential gain of around 8 percent from the current price of $42.5.

While waiting for further Polkadot price action development, see our long-term Polkadot price prediction to learn more about what the market growth potential is for the next years. To learn more about other great altcoins, see our guides on Stellar Lumens as well as KIN.

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 November 8, 2021 8:08 am

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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