Polkadot Price Predictions: Investors Prepare for Breakout Deal!

 Polkadot Price Predictions: Investors Prepare for Breakout Deal!

Recently, Ripple (XRP) has replaced Ripple (XRP) in the cryptocurrency ranking. The past few weeks and months have been unusual for Polkadot, as the altcoin hit an all-time high just a few weeks ago. Like many altcoins, polkadot has fallen sharply in the price of bitcoin, with the cryptocurrency down 17%.

Since then, however, DOT/USD has climbed impressively, with the altcoin gaining more than 7% over the past 22 days. According to a recent report by CoinShares, crypto investment products recorded $395 million in revenue last week, down nearly 20% from $492 million in the third week of February 2020.

Speaking of Polkadot, the crypto generated $7 million in revenue last week. Meanwhile, the world's second-largest cryptocurrency, Ethereum, raised about $91 million in the last week of February. Therefore, along with other major cryptocurrency pairs, we witnessed a significant correction in the DOT/USD price.

DOT/USD Price Prediction -

Technically, the DOT/USD pair is trading with a neutral bias at $37.22. On the daily time frame, the DOT/USD formed an ascending channel that sustained the DOT/USD pair above the $28.50 support level.

The Polkadot price prediction indicates strong bullish momentum in the market. However, volume is looking a bit tight at the moment as investors look for a decent breakout. For example, Polkadot is facing immediate resistance at $41.55. A sharp crossover at 41.86 DOT could help extend its uptrend and target next resistance area at 58.05.

Major technical indicators like the RSI and MACD support a neutral trend as one indicates a buy bias while the other indicates a sell bias. The RSI remains at 67 and maintains its bullish bias, while the MSI remains below 0 at -0.27. On the other hand, bearish technical indicators like the 50-period moving average are pointing to an uptrend in the DOT/USD pair.

Currently, DOT/USD is likely to find support at the $26.11 level supported by upper channel support. The formation and closure of a series of converging and rotating top patterns indicates uncertainty among traders. Therefore, we do not have a one-way trade on DOT/USD right now, but once DOT/USD breaks the $41.86 resistance level, we can look for a buy-signal to target $58. Apparently. To trade within the limited range of $41.85 and $26.15, sell below $41.85 and buy above $27 until a breakout occurs. Stay connected to FXLeaders for luck, traders and more updates!