- Polkadot gains 30 percent over the past few days.
- DOT breaks $42 resistance.
- Next target at $46 mark.
Today’s Polkadot price prediction is bullish as the market continues moving higher after breaking the $42 resistance. If the next resistance at $46 is not broken, we should see retracement overnight.
The overall market trades in the green today after further upside was seen earlier today. Bitcoin is up by more than 5 percent as it regained the $50,000 resistance. Ethereum has performed even better, with a gain of 11.87 percent over the last 24 hours. Dogecoin is among the best performers as it has gained 41 percent.
Polkadot price prediction: Polkadot spikes towards $46 resistance, breakout today?
DOT/USD opened at $40 after a strong push higher from the $34 support. Since Polkadot price broke the $42 previous resistance we can expect further upside over the upcoming weeks as the market turns bullish again. Currently, we could see a small retracement overnight as the $42 mark is retested as support.
Polkadot price movement in the last 24 hours
The DOT/USD price moved in a range of $38.69 – $45.28, indicating substantial volatility. 24-hour trading volume has decreased by 31.5 percent and totals $4.8 billion. The total market cap stands at $42.5 billion, ranking the cryptocurrency in 8th place overall.
DOT/USD 4-hour chart – DOT broke above the $42 resistance and targets $46
On the 4-hour chart, we can see the Polkadot price pushing towards the next resistance at the $46 mark over the last hours.
Overall, Polkadot continues to recover after retesting the previous major swing low around the $28 mark on the 23rd of April. Over the past weeks, Polkadot slowly traded higher until a sharp spike to the $44 mark put an end to the upswing.
On the 10th of May, DOT/USD retested the $42 resistance and made a sharp spike lower to the $32 mark, which served both as a support and a resistance previously. From there, DOT/USD made an equally strong reversal to the $42 mark and failed to move higher again. Further, another spike lower was made on 12 of May, setting a slightly higher low and quickly rejecting any further downside.
Since then, the Polkadot price has moved higher and breached the $42 resistance level on the 14th of May. Over the past hours, the market moved even higher and quickly reached the next resistance around $46. Therefore, the overall market momentum has shifted to bullish again.
Once the $46 mark is retested, we expect a slight retracement overnight, as the $42 mark will likely be retested before Polkadot moves any higher.
Polkadot Price Prediction: Conclusion
Polkadot price prediction is bullish as the market continues moving higher after finally breaking above the $42 resistance. Therefore, we expect DOT/USD to test the $46 mark later today. Once it is reached, Polkadot could retrace to retest the $42 mark.
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