Polkadot Price Analysis: DOT heads toward all-time high amid broad-based crypto recovery

  • Polkadot joins other cryptocurrencies to push for recovery following last week’s losses.
  • DOT stepped above the four-hour 50 SMA, paving the way for gains eyeing $40.
  • Resistance anticipated at $36, as highlighted by 200 and 100 SMA on the four-hour chart.

Polkadot recently bounced off support at $27 and is moving toward the coveted $40 level. The uptick in the price is not unique to DOT, because other cryptocurrencies have joined the party. Polkadot is doddering at $34 while technical levels gradually improve. The upswing will likely hit highs above $40 in the coming sessions.

Polkadot journey to all-time high begins

Polkadot has made a confirmed break above the 50 Simple Moving Average (SMA) on the four-hour chart. On the upside, the confluence formed by the 100 SMA and the 200 SMA near $36 limits price action at the time of writing. A break above this seller congestion zone would bolster DOT toward $40.

The uptrend has been validated by the Moving Average Convergence Divergence (MACD) indicator on the four-hour chart. This technical tool helps identify the general trend of the market and positions where to buy the dip and sell the top. A MACD line (blue) crossing above the signal line is a bullish signal observed on the four-hour chart.

DOT/USD four-hour chart

DOT/USD four-hour chart

The four-hour SuperTrend indicator has presented a signal to long Polkadot on the four-hour chart. This tells traders to consider increasing stakes in DOT and speculate on a sustained uptrend in the near term. The SuperTrend indicator tells you to buy when it turns green and flips under the asset’s price.

DOT/USD four-hour chart

DOT/USD four-hour chart

Looking at the other side of the fence

The confluence formed near $36 by the 100 SMA and the 200 SMA could hinder the price action toward $40. If Polkadot is rejected at this level, losses will be incurred under $30 and seek support at $27. Therefore, holding above the 50 SMA is key to sustaining the uptrend and keeping losses at bay.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

SafeMoon price needs to rally 14% to kick-start an uptrend

SafeMoon price is currently attempting to push toward the range low in hopes of reclaiming it. If successful, the bulls need to set up a higher high to trigger an uptrend. While not impossible, an ascent in the market value of SAFEMOON will likely face delays.

More SafeMoon news

Goldman Sachs survey reveals almost 50% of family office clients want to get into crypto

Family offices are interested in digital assets, as revealed in a recent survey by Goldman Sachs. Nearly half of the respondents have shown interest in cryptocurrencies. 5% of family offices that work with Goldman Sachs have ...

More Cryptocurrencies news

Elon Musk reveals personal crypto holdings, Tesla likely to resume accepting Bitcoin

Elon Musk has once again rescued the crypto markets after revealing that he personally holds Bitcoin, Ethereum and Dogecoin. The Tesla CEO further disclosed that the electric vehicle company is “likely” to resume accepting the leading cryptocurrency.

More Bitcoin News

Dogecoin price ends aimless descent as bulls announce 27% upswing

Dogecoin price is currently undergoing a pullback after rallying extensively. This up move comes after months of a slow and non-volatile downtrend, painting a bullish picture. Therefore, the newly developed optimism will likely continue ...

More Dogecoin news


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast