Polkadot Price Prediction: DOT goes ballistic, launching toward $28

By John Isige
Published June 10, 2021 Updated June 10, 2021
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Polkadot Price Prediction: DOT goes ballistic, launching toward $28

By John Isige
Published June 10, 2021 Updated June 10, 2021

Polkadot becomes of the most improved crypto assets in the top ten. The token rallied in tandem with Bitcoin’s recovery from $31,000 to $37,000. Support at $20 played a key role, ensuring that DOT did not explore lower price levels.

Meanwhile, most cryptocurrencies are in green on Thursday toward the end of the Asian session. Similarly, Polkadot trades at $24 following double-digit gains of over 14%, accrued in the last 24 hours.

Polkadot uptrend seems intact

Polkadot has lifted above two critical levels, the 100 Simple Moving Average (SMA) and the 50 SMA. These are significant milestones within this recovery mission. Note that a four-hour close above these levels would validate the upswing to the next critical level at $28.

The Moving Average Convergence Divergence (MACD) indicator adds weight to the bulls’ ability to take down the seller congestion at $28 and perhaps catapult DOT beyond $30. The MACD is a momentum indicator; it also follows the trend of an asset. Both sell and buy signals are usually expected from this technical indicator.

Realize that the MACD line crossing above the signal line, as illustrated on the chart, is a bullish signal. The MACD line dropping beneath the same signal line is a call to sell on the flip side. Moreover, a break into the positive region (areas above the zero line) is another bullish signal.

DOT/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The Relative Strength Index (RSI) cements the bulls’ presence in the market. This indicator tracks the trend of an asset and measures its momentum. Note that a sharp movement toward the overbought region shows the aggressiveness of the bulls.

The RSI also identifies when an asset is overbought or oversold. Therefore, as the indicator hits the overbought region, investors should tread cautiously to avoid being caught unawares by a correction.

Polkadot intraday levels

Spot rate: $24

Trend: Bullish

Volatility: Low

Resistance: $28 and $34

Support: $20 and $14.5


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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