Following an 8% daily increase, DOT attempts to retest the key resistance at $32 on renewed momentum.
Key Support level: $25
Key Resistance level: $32
Polkadot’s DOT native token completed a short-term correction and is now creating a support floor and trading range between the support level at $25 and resistance at $32.
The first attempt to break out above this trading area was rejected last Monday. However, DOT appears ready for a second tryout.
Trading Volume: A reasonable amount of volume on the last attempt on Monday to break above $32. The current volume is a bit low (maybe due to the weekend), but it favors the buyers right now. Watch out for the volume on Monday.
RSI: The RSI is making higher lows, which is a bullish sign, and is currently hovering just above 50 points – the neutral level.
MACD: The daily MACD is bullish and is heading up, despite the rejection at key resistance last Tuesday. This is a promising sign for bulls.
The bias on DOT is somewhat bullish, but a break of the critical resistance is needed to confirm this.
Short-Term Prediction for DOT Price
DOT managed to stop the downtrend and consolidate under the key resistance at $32. Now, buyers appear eager to take DOT back up again as they prepare the stage to break the key resistance. Should they fail, DOT will face the ‘floor’ level at $25. Watch out for possible volatility to return next week following the new year holiday.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.