Market Analysis

POLKADOT PRICE ANALYSIS & PREDICTION (April 23) – DOT Reaches Key Resistance Line After A Week Recovery, Will It Break?

Polkadot DOT has recovered nicely from its monthly low but is currently weak due to a small decrease in the global market cap. However, more growth is expected if the buyers continue to show interest.

The past few days have been a sigh of relief in the crypto space as DOT increased by roughly 14% in a week. That increase brought trading back above the $7.7 level – where it encountered a crucial resistance line.

Retracing briefly from that price level, it quickly turned weak and posted a small loss at the time of writing. It may witness a breakout if the buyers show strong commitment. A continuous rejection there may result in another swing low.

However, things are still looking dicey for the buyers as they have struggled with volatility since the recovery started two weeks ago. If they sustain pressure throughout this week, we may see a massive surge in the following week.

Despite the recent recovery, DOT is considered bearish from a short-term perspective. But looking at the bigger picture, the price is still following a bullish sentiment from a long-term perspective. Regardless of the above, the price is up 75% in the last six months of trading.

DOT’s Key Levels To Watch

Source: Tradingview

In the latest drop, the closest support level for a pullback is $7.2, followed by $6.4 and the monthly low of $5.7. If the price slips below this key low level, the next level to consider as support would be $5.

On the other hand, it is facing a descending resistance line. If the bulls push above this line, the parallel resistance to watch lies at $8.1, $9.1 and $10 in succession.

Key Resistance Levels: $8.1, $9.1, $10

Key Support Levels: $7.2, $6.4, $5.7

  • Spot Price: $7.42
  • Trend: Bearish
  • Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: valedol/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *