Polkadot (DOT) in Recovery to a Critical Resistance Area

Similarly to what has been done by other major cryptocurrencies, the price of Polkadot (DOT) is also launching upwards in these hours, with a weekly rise of + 8.2% and a new extension attempt to recover the resistance area of $ 30 in the short term.

Polkadot’s Last Movements (DOT)

Looking at the monthly chart of Polkadot (DOT), it is noted that after the serious retracement to $ 23.6 on December 20, 2021, the cryptocurrency was able to quickly regain its share to reach a new relative high above 32 during the Christmas period. dollars.

Price predictions: a break-out attempt soon?

While it is still early days to provide a net valuation on Polkadot, which ranks 10th by market capitalization in the crypto world, the current trend is believed to be the start of a more lasting uptrend.

In fact, having overcome both the main resistance of 25 dollars and the subsequent one at 27 dollars, the price of Polkadot could now try to maintain at least the daily high of 27.6 dollars to close the gap with the next resistance of 30 dollars.

Already exceeding $ 28.5 would indicate that the bullish push is intensifying and in all probability the break-out would be imminent.

In the event of exceeding $ 30, however, the reactions of the market will have to be observed. The risk of a retracement caused by the sales volume is not to be underestimated, as well as the possibility of a consolidation between 30 and 32 dollars in view of a more measured continuation of the short-term rally.

In this regard, it should be noted that the importance of the resistance of 30 dollars also derives from the fact that in this value both the 55-day and the 200-day average ended up coinciding in this period.

The bearish scenario for Polkadot (DOT) would instead see a first move away from the level of 27 dollars and subsequently an attempt to position below the support at 25 dollars.

In the event of a break of this technical level, in fact, the retracement could be said to have begun and Polkadot could experience a bearish pressure even more marked than that suffered in the last month.

For a look at all of today’s economic events, check out our economic calendar. You can also follow our Facebook page to stay up to date on the latest economic news and technical analysis.

Leave a Comment