DOT/USD Sets to Climb $20 Resistance – Cryptovibes.com – Daily Cryptocurrency and FX News
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Polkadot Price Analysis – March 9
The Polkadot price bulls are taking charge of the market as the coin hovers around the $17.5 resistance level.
DOT/USD Market
Key Levels:
Resistance levels: $22, $24, $26
Support levels: $14, $12, $10
Based on the current prediction, DOT/USD may climb above $20 in the next positive step. The difficult period seems to be over for this crypto as it tries to create a new trend. However, the Polkadot price is currently trading at $17.59, although the coin touches the daily high at $18.10 during the European session, it could probably retest $16 before it rises again.
Polkadot Price Analysis: DOT/USD May Spike to the Upside
A break above $20 resistance could encourage more buyers to increase their entries, eventually pushing the price above the upper boundary of the channel to hit the resistance levels of $22, $24, and $26 respectively. On the downside, if the price retreats and breaks below the 9-day and 21-day moving averages, the sell-off may gain traction with the next focus towards the lower boundary of the channel.
However, if the support level of $15 is broken, the downside pressure may increase while the next supports may be located at $14, $12, and $10. Meanwhile, the technical indicator Relative Strength Index (14) is moving to cross above 50-level, suggesting additional bullish signals into the market.
DOT/BTC Market: Price Keeps Moving Downward
When compared with Bitcoin, the Polkadot price is keeping the downward movement as the price slides below the 9-day and 21-day moving averages. Meanwhile, a daily close below this barrier could cause the sellers to extend the rally towards the support level of 3800 SAT and below.
On the other hand, a close above the moving averages may push the Polkadot price direction towards the daily resistance at 4600 SAT, and a further bullish movement could take the coin to the resistance level of 4800 SAT and above. Meanwhile, there is a possibility that DOT/USD may continue the bearish trend as the technical indicator Relative Strength Index (14) nosedives below 40-level, suggesting bearish movement.
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