Polkadot price prediction: DOT to test $42 resistance, can the bulls breakthrough?
3 min readTL;DR Breakdown
- Polkadot price is expected to rise to $44
- The closest support level lies at $40
- DOT faces resistance at the $42 mark.
Polkadot price has broken above the $38 mark, and strong bullish momentum has carried the price to just above the $41.00 mark. DOT records an over 13 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include Ripple’s XRP and DOT that record a 7.01 and a 6.07 percent increase, respectively. Meanwhile, BTC and ETH record a 1.44 and a 4.64 percent hike.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD exhibited a bearish reversal today and has remained bullish since, as observed in the emergence of the dark green histogram. As the price action increased, the MACD started to go higher as well, suggesting low bullish momentum in the markets. Currently, while both EMAs move upwards, the 12-EMA is separating from the 26-EMA showing an increasing bullish momentum at the time of writing.
The RSI is currently trading in the neutral zone a little above the 60.00 mark but does not issue a signal. The indicator has been trading in the neutral zone for the past month. At press time, the RSI has again had a small spike towards the overbought region, suggesting an increasing bullish presence at the current price level and suggesting that the buyers are fighting back.
The Bollinger bands at press time are narrow, and as the last candlestick is red, the bands will converge further in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Polkadot price to decrease in the short term. However, as the Polkadot price is consolidating closer to the upper limit rather than the band’s mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a strong buy signal with 16 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues a sell signal 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 strong buy signal, with 16 of the 26 indicators suggesting a bullish movement against zero indicators suggest a bearish momentum. Meanwhile, ten 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 break above the $42.00 resistance level as the price action climbs to the $45.00 mark. The next resistance lies at the $44.00 mark, which has rejected the trend previously on May 6.
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.
