- 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
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
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.