- Polkadot price tanks over 3% for the week as altcoins are performing badly all around.
- DOT needs to settle the last few cents to find triple support.
- Expect to see bulls trembling to get in at $6.23 with $8 as the target within a few weeks.
Polkadot (DOT) price is nearing a very good entry opportunity for traders and investors who believe in an uptrend. Looking from a purely technical point of view, and leaving all external forces aside, DOT is nearing that crucial, pivotal level as bulls are set to catch the price action. Expect a quick turnaround higher once the pivotal level has been hit with $8 on the docket in the coming weeks.
Polkadot price needed breather before entering next rally
Polkadot price has bulls gearing up and standing ready for the collision course DOT is on toward a vital support level. That level can be found at $6.23, where not only a historic pivotal level can be found. Additionally, the 55-day Simple Moving Average (SMA) is nearby and has recently crossed the 200-day SMA in a Golden Cross pattern.
DOT, unfortunately, is not yet in that perfect Golden Cross as the 200-day SMA is still tied to the downside. That means that $6.23 could see some very bearish pressure, and it is up to the bulls to defend it. Once price action bounces, expect to see confirmation with a leg higher and $8, a 28% gain, as the price target for the coming weeks.
DOT/USD daily chart
As mentioned, bears could see their chance here to try and break the support because the Golden Cross is not confirmed. Should DOT slip below $6.23 and even trade lower than the 200-day SMA, some further weakness could be at hand as bulls will track back on entering. That could give the bears a free ride lower toward at least $5.80 or even $4.40 in a worst case scenario.
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
SEC Chair Gensler hints at resignation amid lawsuit from 18 states accusing the regulator of unlawful overreach
In a filing on Thursday, 18 states, along with the DeFi Education Fund, issued a lawsuit against the Securities and Exchange Commission, alleging that the regulator's crackdown on the crypto industry has been unlawful and unconstitutional.
Bitcoin Price Forecast: BTC eyes $100K, what are the key factors to watch out for?
Bitcoin trades below $90K in the Asian session on Friday as investors realized nearly $8 billion in profits in the past two days. Despite the profit-taking, Bitwise CIO Matt Hougan suggested that BTC could be ready for the $100K level, fueled by increased stablecoin supply and potential government investment.
Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors
Ethereum is down over 1% on Thursday following record net inflows across ETH exchange-traded funds in the past six days. Despite the bullish market outlook, $300 million worth of unstaked ETH could hit the market and cause downward pressure on prices.
Crypto Today: Bhutan sells $33M BTC, McDonald’s launches NFTs, PEPE, SUI emerge top gainers
The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip. In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data.
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.
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.