DOT Price Prediction: Face Upside Risk Of 22% From Current Levels; Is Time To Buy?

By Rekha chauhan
DOT

DOT price edges higher with significant gains on Saturday. The price opened higher and recovered quickly to test the session’s high at $18.69. However, trading volume is supportive of the current price action with more than 10% gains.

  • DOT price extends the previous session gains on Saturday.
  • More gains if gives closes above 50-day EMA at $19.42.
  • The price might shoot toward the ultimate target of $22.0.

As of press time, DOT/USD is trading at $18.58, with 4.85% for the day.

Advertisement
Advertisement

DOT continues to move north

Source: Trading View

On the daily chart, DOT price is making higher highs after witnessing record lows of $14.06. The price surged 45% to the swing highs of $19.57, and retrace to the recent lows around $16.01.

DOT price must face and be pierced above the 50-day EMA (Exponential Moving Average) at $19.32 to meet the first upside target of the psychological level at $20.0.

Investors should keep up the buying momentum to fuel the upside rally. Next, the market participants will revisit the highs made on $23.21 on February 8 at $23.21.

Alternatively, if the price slips below the session’s level with a spike in sell order then sellers will collect the liquidity near lows of March 7 at $16.01.

DOT is in a continuous downtrend since made record highs in December and depreciates nearly 65% in February. Investors should flip the crucial $18.50 level to sustain the upside momentum.

Technical Indicators:

RSI: The daily relative strength index crossed above the average line since February 24 and continued to move higher. Currently, it reads at 51 with a positive bias.

MACD: The Moving Average Convergence Divergence hovers below the midline but with a bullish tilt. More buying opportunities will occur if cross above the central line.

 

Advertisement
Rekha chauhan
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.