DOT Price Analysis: Polkadot (DOT) Jumps 40% off Weekly Lows, Here Are Important Levels to Watch

By Sunil Sharma
Polkadot Price Analysis

-DOT pushes 40% off weekly low
-DOT Price is still stuck within a descending channel
-200MA has continued to act as resistance

Advertisement
Advertisement

Polkadot Price Overview

Polkadot has been flat the last few days as prices have stalled near important resistance. The overall cryptocurrency market has pushed very strong off lows, a type of revival not seen in months. Over the last year, DOT has earned a spot in the top 10 cryptocurrencies by market cap. As long as BTC continues in a bullish manner, DOT should push back near the $20 mark.

For the past two months, DOT price has been trading within a descending channel formation (shown in blue). Each trend of this channel has been very important to price action as it continuously has gotten rejected. Just over the past week, Polkadot has been trying to reach this top trend. DOT Price has been getting stopped at a major resistance of $14.72.

Once bulls clear this mark, price will likely push to major resistance zone of $16.30-$17.26.

Advertisement
Advertisement

DOT Price Analysis: DOTUSDT Live 4 Hr Chart

DOT Price Analysis
DOT Price Analysis

In the case bulls fail to break & hold this resistance, DOT price will likely fall to major support of $13.00. The next major support will be found at around $11.00. We have to keep in mind that the 200MA has continuously acted as resistance for over 2 months. This will be a large barrier DOT must tackle for prices to be in much safer waters.

  • RSI: While looking at the RSI, we can see that strength has formed a bull flag right below the overbought territory. This is a bullish sign that bulls have strength for another push. The RSI must break above the 70 line to experience a rally.
  • MACD: The MACD is not telling much as it has been going sideways for some time. This indicates a larger move is on the horizon.

Polkadot Intraday Analysis

  • Spot rate: $14.50
  • Trend: Bullish
  • Volatility: Medium
  • Support: $13.03
  • Resistance: $14.68
Advertisement
Sunil Sharma
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
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.