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

By Sunil Sharma
Published July 29, 2021 Updated July 29, 2021
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Polkadot Price Analysis
IMG Source: Polkadot.network

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

By Sunil Sharma
Published July 29, 2021 Updated July 29, 2021

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

Polkadot Price Overview

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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.

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
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Disclaimer
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
Sunil Sharma
203 Articles
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 Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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