Polkadot price fakeout puts bulls back on track toward $32

  • Polkadot bulls were able to kick bears out of their push to the downside. 
  • In a very competitive week in global markets, bears were able to withstand headwinds. 
  • Bulls get help from the 55-day SMA to get a push to the upside.

Polkadot (DOT) bulls have had a tough week in running price action further up in DOT, as global market sentiment caused quite some headwinds. Bulls now try to push beyond $29.12 with the help of the 55-day Simple Moving Average (SMA). A break out of the triangle would push Polkadot price action toward $31.61.

Polkadot price sees brave bulls being rewarded for their commitment

Polkadot price action favored the bulls this week, as bulls scrambled in to form a false breakout on September 29. With bears being pushed out of their positions after profit-taking, new sellers got trapped in a bear trap after the triangle break. This week, bulls have overcome the negative headwinds from global markets and pushed price action back to $29.12. 

DOT price sees bulls now getting some favorable tailwind from the 55-day SMA, pushing price action in DOT against that same $29.12 level. Expect a pop higher in build-up momentum that will push price above the descending leg of the triangle.

DOT/USD daily chart

DOT/USD daily chart

Bulls will need to recalibrate their trades and positions with the new monthly pivot points and adjust their price targets a little bit. Expect market sentiment to possibly shift back to some positivity on Monday, forming a second tailwind for the bulls in DOT. Once $31.61 is broken to the upside, bulls should be able to fly higher, helped by those tailwinds, toward $37.03.

Bears will not be fully stepping out of the way. Any other adverse events in global markets offer them an open window of opportunity to get in and squash price action in DOT to the downside. A retest toward $25.19 looks like the most likely target. In case markets go into panic mode and cryptocurrencies get shopped or reduced in the portfolios, expect a leg lower toward $20.51.


Like this article? Help us with some feedback by answering this survey:

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

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

More UniSwab news

Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

More Ethereum news

Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

More Solana news

Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

More Shiba Inu news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!