Target Set At $90, Will It Smash In Current Cycle?
The Polkadot price that initiated with an intensified bull run since the beginning of 2021, managed to rally hard to hit the levels close to $50. Woefully the price slipped from the levels around $49.69, yet attempting hard to surpass these levels soon.
Dot price was dominated by the bears for a couple of days that dragged the price below $40 after forming the ATH around $44. However the bulls enter the ring to uplift the price with enough influx of liquidity.
The price may hover the bears in the coming days and eventually rally more than 60% as predicted by an analyst Research 24/7. The analyst also says that the DOT price is on the verge to have the most bullish weekly close.
As per the chart put out by the analyst, the DOT price may reach $60 if all the upper resistance levels of 2021 are clubbed. Else if the resistance since the inception are considered, then the rally may eventually hit $90 soon.
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DOT price Analysis
The polkadot price initiated the week with a slight jump,and surpassed $40 to reach $1, yet the bears outpowered soon. The price drastically plunged close to $35, however, it attempted hard to regain the lost positions.
Soon the price resumed with the bull run and revisited the levels around $42, woefully failed to sustain and dropped again. The price later entered a consolidation phase by trending within a narrow range, yet stood strong above $37.
However, since the early trading hours, the price received enough momentum to propel high.The price rallied from nearly $41 to as high as $49, yet failed to sustain and decline within no time.
Currently, it is mandatory for the price to maintain above $45 as the price is close to 20-day moving average. If the price fails to bounce back from these levels, the bears may overpower and decline the price to much lower levels. At the time of writing, the polkadot price is $47.09 with a jump of 15.32% in the past 24 hours.
Technical Specifications
- The resistance levels are at the ATH at $49.9 post to which the price may enter the discovery phase
- The support levels are at $38
- The indicators point out at a buy signal
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Source: https://coinpedia.org/price-analysis/polkadot-dot-price-formed-new-ath/
