https://ift.tt/32VCoav to break past the $26 resistance soon

TL;DR Breakdown

• Polkadot price analysis is bullish today.
• DOT/USD is currently trading at $24.2.
• Resistance at $26 tested again.

The Polkadot price analysis is bullish today. It opened at $23.14, reached a high of $25.52, and is currently trading at $24.2. A smaller bullish run was initiated in the last couple of hours, with price action bouncing off the resistance at $26.

The most significant gain seen yesterday was the return above $24.5, and we expect more follow-through in the next 24 hrs as market testing shows a likely bullish breakout from here onwards.    After all, selling momentum decreases, which means DOT/USD is taking a break from the recent bearish trend.

To sum it all, Polkadot price analysis is bullish, but patience is required as markets consolidate before being pushed further north by market participants.

Polkadot price movement in the last 24 hours: DOT/USD pair is in an uptrend

As can be seen, yesterday’s candlestick has returned above the $24.5 mark, which was rejected earlier and tested twice in quick succession before we saw gains today. The price action formed a bullish engulfing candle which has opened up upside for a further rise in prices later today or tomorrow depending on how the market behaves and finding enough selling momentum near $26 levels (we expect the same) to push DOT/USD towards next resistance at $34.2 high followed by a psychological barrier at $40-mark.

Looking at the daily chart, we can see that the price tested resistance at $25.8 high for 3 times consecutively yesterday but failed to break it even once. As a result, DOT/USD pulled back sharply but retained its previous gains by closing just slightly lower than the previous close. This shows that buying momentum was strong enough to maintain upward pressure on prices during the past 24 hrs. Moving forward, as mentioned above, if prices move north of $26 levels, then there may be additional gains probably towards $34-$35 or even higher depending upon market participation and how this pans out in the future.

The daily price action for Polkadot is shown below, with the data up to yesterday’s closing of $24.2 per DOT. The chart shows that prices are now well above the opening balance, which means they may continue higher today or tomorrow unless any significant corrections or pullbacks are witnessed in quick succession. Moreover, the most recent candlestick has formed a bullish engulfing candle which will likely open up upside if sold pressure remains low, i.e., buying momentum increases at the current price of around $24.

DOT/USD 4-hour chart: Technicals are bullish on DOT 

On the 4-hour chart, we can see that DOT/USD has managed to close above the $24.5 level for the first time in the past 9 days, which is a bullish sign regardless of daily momentum. As per our analysis, there’s almost zero chance of prices dropping below $24 levels in the near term, even if corrections or pullbacks are witnessed today or tomorrow.

DOT/USD 4-hour chart. Source: TradingView

The 4-hour price action is displayed below with the data until last night’s closing price of $24.2 per DOT. We shall use this chart moving forward for entry and exit points but will refrain from placing any targets at this stage until after we see how this rally pans out over the next few days or weeks, depending upon market participation and reaction around key resistances like $26, $34, $40.

Therefore, if price action can break above $26 levels today or tomorrow, we shall consider this count valid and recommend buying on dips with first targets at $32 followed by $40 in extension. Any drop below $24 will invalidate the bull projection made here, and market participants are advised to maintain the strict stop loss at breaking point in that event.

The RSI and MACD for the 4-hour chart show that there is no significant momentum favoring either bulls or bears for now. However, we expect a definitive trend to be formed soon in favor of either side, allowing us to recommend proper entry and exit points in the near term.

Polkadot Price Analysis: Conclusion 

Today’s Polkadot price analysis is bullish as per our trend and price projections. We expect the rally to continue with key resistances like $26, being tested at least once or twice in upcoming days or weeks if not finally breached.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.