• Polkadot price emerging from a 36-day consolidation. 
  • February 18 high becoming a stubborn resistance level.
  • Speed, cost, and stability headline DOT network value.

Polkadot is struggling to build on the April 3 breakout over the last four days, while volume is not showing emotion or commitment. Nevertheless, upside targets include the consolidation measured move and two Fibonacci extension levels.

Polkadot price may need a new catalyst 

A 33% correction following an 800% rally from the end of December 2020 is a constructive development for DOT traders and mild relative to the losses suffered in other cryptocurrencies. 

The current DOT breakout follows a 33-day consolidation, but it is proving to be a battle to clear the February 18 high at $42.71. If the resistance evaporates, traders can look forward to a burst to the 161.8% Fibonacci extension of the February correction at $53.15. The measured move target of 33% puts the next resistance level at $54.51.

Ambitious traders should look to the 261.8% extension at $70.04 as notable resistance.

DOT/USD 3-day chart

DOT/USD 3-day chart

A retreat into the consolidation is not unusual, but it should hold the 50-day simple moving average at $36.07. If DOT melts through the moving average, the next layer of support is the low of the consolidation at $27.55, followed by the 100-day SMA at $26.46.

A burst of selling pressure would knock DOT to the 50% retracement level of the 2021 advance, followed by the 61.8 retracement level at $19.18.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

XRP struggles near $0.7440, could still sustain rally after Robinhood listing

Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.

More Ripple News
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone

Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration. 

More Dogecoin News
Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732

Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732

Ethereum is trading near $3,220, down 2.5% on Wednesday after its supply began trending downward. The declining supply could fuel bullish pressure for the top altcoin, especially as institutional demand for ETH ETFs is also rising.

More Ethereum News
PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing

PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing

PEPE rallied over 50% on Wednesday and hit a new all-time high after crypto exchanges Robinhood and Coinbase announced they would list the meme coin on their respective trading platforms.

More Pepe News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP