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

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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.

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  • 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.

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.

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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.

 

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. Exploring on-chain analysis to track the market.
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.

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