Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly –

  • DOT has recovered almost 40% from its weekly lows, targeting $17.
  • DOT’s price tries to prevent the declining wedge.
  • The RSI overpowers a five-month trend-line.

Polkadot (DOT) Price Analysis

Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions it brings to the crypto ecosystem. DOT came to ensure interoperability in several Blockchains. That translates to allowing the various Blockchains to link without hurdles.

The solution attracted many financial players within no time. DOT’s price reflected that by gaining almost 1000% in less than one year. However, the currency crashed with the crypto market after few sessions from coin’s ATHs. At the moment, the asset prints reversal signs for now.

Meanwhile, the price chart shows that the altcoin had created a declining wedge in the last 65 days. As this is a bullish pattern, DOT managed to register a bullish break out last week. While writing this content, bulls attempt to conquer the critical resistance lying in the $12.85 to $14.40 range.

If bulls secure and break this level, the coin might surge to the following resistance at $16.95.

DOT Price Analysis

If bears control the market, DOT will have its initial support near $12.85. If still, it fails to stabilize, it might bounce to the top line of the declining wedge pattern. Such a price move can be sensible since it can serve as a retest and breakout, a bullish case. Failure to hold these levels might have Polkadot (DOT) falling towards the critical support at $10.63. Any move beneath this will mean a massive bearishness.

The RSI shows that the strength managed to break the five-month-long trend-line. That can indicate bullish moves since that is usually the initial step for the asset to register a mid-term trend switch. If DOT breaks above 50, it will witness upside moves.

The MACD prints bullish patterns. For now, analysts anticipate a push towards zero (0). A breakout over the level can translate to massive price surges.

Intraday Levels

  • Spot rate – $13.46
  • Trend – Bearish
  • Volatility – Medium
  • Support – $12.90
  • Resistance – $14.40

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