• Polkadot price action has been kind to bulls in October with already 36$ of gains.
  • A Golden Cross was formed at the end of September after cutting  previous losses.
  • The 55-day SMA falls in line with the orange ascending trend line from September 7 and forms a double engine in the DOT bull rally.

Polkadot price (DOT) has seen the favor of the market  amidst a global rebound in love for cryptocurrencies. With Bitcoin back above $50,000, alt currencies are seeing more inflows and gains across the board. As DOT price action is paring back losses from September, more gains are in the cards as bullish signals and indicators empower DOT.

DOT price action sees bullish signals flashing all over 

Polkadot price has been busy reversing losses that occurred in September. DOT's price action is back above $30 and is looking bullish with promising technical indicators across the board. The bullish trend comes from the orange ascending trend line that originated on September 7. With a few false breakouts, it holds its importance and has supported bulls in ramping price action back up toward $36.

With the favorable tailwind hovering over cryptocurrencies and Bitcoin on the front foot, a Golden Cross has been formed between the 55-day and 200-day Simple Moving Average (SMA). That 55-day SMA also moves just above the orange ascending trend line. This demonstrates that a bullish squeeze is unfolding in DOT price action.

DOT/USD daily chart
 

DOT/USD daily chart

Expect price action in Polkadot to get brushed against $37, with the monthly R1 resistance level and historical level from May 18 as resistance. A breakout would target $45.22 as the next port of call for profit-taking, but that will only be an intermediary. The ultimate price target for bulls is $50.76, with the psychological $50 level and the high from May 15.

If the positive tailwind should come to a halt, expect price action to stall between $30 and $37. Should global markets dip lower and switch to risk-off, expect a return toward $25. With bears possibly going in for the kill, expect an attempt to sell off further toward $20.51.


 


 

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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Solana Price Prediction: How high can the X-wave rally?

Solana Price Prediction: How high can the X-wave rally?

Solana price has fallen into a supportive level on the Relative Strength Index on larger time frames. Solana price could rally an additional 80% under conservative macro conditions. Invalidation of the uptrend scenario is a breach of the low at $25.78. 

More Solana news

Avalanche Price Prediction: A sharp decline in the making?

Avalanche Price Prediction: A sharp decline in the making?

Avalanche price shows a potential sell-off underway, and key levels have been identified. Avalanche price could be depicting early evidence of liquidation underway as the technicals show subtle bearish cues. AVAX price has rallied 90% since July 1st, printing a new monthly high.

More Avalanche news

Ethereum Classic Price Prediction: Has the FOMO rally topped?

Ethereum Classic Price Prediction: Has the FOMO rally topped?

Ethereum Classic price may be demonstrating a topping pattern based on technical indicators and fractal wave theory. Ethereum Classic price currently consolidates near a weekly zone as the sellers appear to have faded away on the Volume Profile indicator.

More Ethereum Classic news

Top 3 Price Prediction: No FUD, just charts

Top 3 Price Prediction: No FUD, just charts

Ethereum price has been in high debates as the community of developers and investors are dueling over the future Ethereum Merge implications. The commotion has brought considerable social media presence to the smart contract giant and impressive gains. Since July 1, the Ethereum price has rallied 93%.

More Ethereum news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP