- Polkadot price faded before it could make new all-time highs on Tuesday.
- DOT price tumbled back below $45.22, but bulls are reemerging on the scene.
- With the rally back underway, expect DOT price to hit new all-time highs soon.
Polkadot (DOT) price has made a nice uptrend throughout October with an attempt to reach the all-time high at $50.76. But bulls got stopped in their tracks and hit a curb at the monthly R2 resistance level around $47.50. The Relative Strength Index (RSI) is already showing an uptick in buy-volume, and bulls are restarting the rally towards new all-time highs.
Polkadot price set, yet again, for new all-time highs
On Tuesday, Polkadot price hit a curb in a failed attempt to break above the monthly R2 resistance level at $47.50. That monthly R2 was the only resistance that was in the way for DOT bulls to push Polkadot price towards new all-time highs. Instead, DOT price failed to break through and dipped back below $45.22, which was a historical pivot level.
With the RSI showing an uptick towards more buy-activity, it looks like buyers are stepping back and are trying to reclaim $45.22. With renewed volume on the buy-side, expect a break of the R2 resistance level, which will trigger more buyers to jump into the price action. Once beyond R2, it is just a $3-move before making new all-time highs.
DOT/USD daily chart
As the restart of the bull rally will demand quite some strength and effort, expect DOT price to be rejected again at the R2. At that level expect bulls to flee the scene as bears are likely to put up a determined defence, and DOT price will probably start to break below the green ascending trend line again. Expect a nosedive reaction after that break towards $37.03 and $31.61 in the short-term, should the correction accelerate.
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.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.