TL;DR Breakdown
- Polkadot price prediction expects a rise to $18.9.
- Strong resistance currently lies at the $17.6 mark.
- Strong support currently lies at the $16.8 mark.
The Polkadot price prediction by Romaxo suggests a rise towards the $18.9 mark following a break out of the $16.7 support range. After a day’s descent on the 18th of January, the Polkadot price rose past the $17.2 level on the 19th of January.
While Bitcoin BTC gradually descended on the charts on the 18th of January, DOT price followed suit by dropping towards the $15.8 level. Polkadot price descended in a triangle pattern on the 18th of January. The daily high for the cryptocurrency was at $17.385, whereas the cryptocurrency dropped to a day’s low of $16 on the 19th of January. At the time of writing, Polkadot is priced at $16.818.
Currently, 16 out of 26 technicals are at a buying position, while seven are neutral and three appear under the sell indication. The oscillators suggest a buying condition with six in the neutral zone, three at the buy indication, and two at the sell indication. The moving averages favor a strong buy for the DOT/USD pair with 13 in the buying indication, one neutral, and one under the sell indication.
The DOT price jumped off the Bollinger band’s midline and tested the upper Bollinger band at $17.89, which it has been riding since the 13th of January. This shows that the cryptocurrency is under the bullish spell on the 1D time frame.
Polkadot price prediction: What to expect?
Analyst Romaxo believes that the DOT price has reached a decision point near the $16.7 level. The price trajectory is expected to move towards the $18.93 level or drop towards the $14.31 support if the up-channel price breaks out.
Per the Polkadot price prediction, the cryptocurrency has been traveling in this ascending channel from the 4th of January. The price has been extremely bullish over the last week while it formed multiple triangular patterns inside the main up-channel. The cryptocurrency has now come out of the second triangle formation, and it is currently testing the support at $16.5. If this support level does not hold along with the channel’s lower boundary, the price will drop to the $14.31 support, or possibly towards the $12.7 to $14.30 region. An upward move will allow the cryptocurrency to test $18.93 with a bullish continuation in the channel.
Analyst Trader Ph expects an uptrend by the DOT price. Per the Polkadot price prediction, the cryptocurrency will see a breakout from a descending triangle pattern soon. The cryptocurrency has been under a consolidation move for a while now, and the analyst believes that this phase for the altcoin has come to an end. For now, the 17-Day Moving Average seems to be providing good support to the DOT price trajectory.
The Trading View analyst Axe Captial highlighted a repetition of bull flags. The DOT price trajectory has already formed two bull flags, and the Polkadot price prediction suggests a similar formation up next with a rise above the $20 mark.
