- Polkadot price expected to rise to $50
- DOT faces resistance at the $45.00 mark
- The closest support level lies at $43.0 and further below at $42.0
Polkadot price has climbed past the $44 mark as the bulls finally broke above the level after struggling at the $41. DOT price records an over 10 percent price increase since last week as the price action shows steady bullish movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major Players include Ripple’s XRP and BNB that record a 18.60 and a 10.70 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 2.23 and a 12.82 percent hike, respectively.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD exhibited a bullish reversal recently and has remained bullish since. The dark green histogram is increasing in size, suggesting an increasing bullish momentum, and while both EMAs rise, the 12-EMA is diverging from the 26-EMA suggesting strong buying pressure at the current price level.
The RSI is currently trading in the neutral zone, a little above the 60.00 marks. The indicator has been trading in the neutral region for the last two weeks, with the bullish momentum only slowing down in recent hours. Currently, the indicator shows rising bull momentum but also suggests bearish pressure at the $45.00 mark.
The Bollinger bands are currently wide but will converge rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Polkadot price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 17 of the 26 indicators suggesting a bullish movement against zero indicators which suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Polkadot price?
Traders should expect Polkadot price to make a bullish breakout above the $4.00 mark s the price climbs out of the consolidating channel. DOT should be expected to rise towards the $50.00 mark in the next few days. The positive technical analysis and the rising trade volume also support this suggestion.
Conversely, if the Polkadot price falls back to $42.00, DOT would continue consolidating at the price level as the bulls try to gain momentum once again. In this case, the price can be expected to fall to the $40.00 mark before recovering.