• Polkadot price is moving sideways for a couple of days after a significant correction. 
  • DOT has some more room to go higher, but there are a few hurdles. 
  • The global recovery story is underway, and Polkadot offers the chance to get in.

Polkadot price shows promising signs of its price going higher, but there are a few resistances to be aware of. 

Polkadot price can go to $30, but three things to keep in mind

Polkadot price dipped lower with the general correction in other cryptocurrencies. But the correction was not that violent for DOT, and the ascending trend line from December was nicely tested at $12.50 before it rebounded back up. 

To the upside, Polkadot price hit $16.95 and tested that level twice. As we get higher lows, DOT is getting squeezed against that top. Once this cryptocurrency goes above that level, we have the descending trend line left. But that does not have to be an issue, because the upward trend is there.

The 55 and 200-day Simple Moving Averages (SMAs) have not made a death cross yet, and the squeeze in Polkadot price is to the upside. 

DOT can push up toward $30, which is around the monthly pivot. This level is of crucial importance as at the beginning of this month, we tested that level and could not get above it. It triggered the sell-off the market saw since then. 

Polkadot price looks ready to complete the cycle and reclaim $30.

DOT/USD daily chart

DOT/USD daily chart

Expect the rise to be slow due to the hurdles discussed with the $16.95 level, the descending trend line and the pivot. Any rejection of one of the above hurdles will push Polkadot price back to the ascending lower trend line around $12.50.


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


Recommended Content

Editors’ Picks

Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders and small wallet holders reduce their holdings amidst fear of a steeper correction in the largest cryptocurrency by market capitalization. BTC price consolidates below the $100,000 level on Thursday, erasing less than 2% of its value on the day. 

More Bitcoin News
US states push for Bitcoin reserves, could buy $23B in BTC

US states push for Bitcoin reserves, could buy $23B in BTC

A total of 20 US states are pushing for Bitcoin Reserves, with some proposals already moving forward. If these bills pass, they would require $23 billion in Bitcoin purchases, creating significant demand.

More Bitcoin News
Ripple's XRP eyes a recovery as investors switch toward accumulation

Ripple's XRP eyes a recovery as investors switch toward accumulation

XRP investors have been accumulating following an uptrend in the Mean Coin Age metric. However, the XRP derivatives market is yet to recover from a 30% open interest decline in the past week.

More Ripple News
Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum (ETH) could be set for increased demand in the coming months following Cboe BZX 19b-4 filing with the Securities & Exchange Commission (SEC) to enable staking for the 21Shares Core Ethereum exchange-traded fund (ETF).

More Ethereum News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP