- Polkadot price rises 3% over the last 24 hours to trade above $30.
- DOT price prediction is bullish as bulls target a 40% upswing to $42.
- The daily chart shows that Polkadot currently sits on strong support provided by the 200-, 50- and 100-day SMAs.
Polkadot price us up 3% as it trades in a second bullish session as bulls strive to undo the September 07 losses. During the Tuesday crypto market flash crash, DOT fell by 18% to close the day at the 200-day Simple Moving Average (SMA) around $28. The flash crash saw Polkadot lose as much as 36% to lows of around $21.86.
DOT has since recovered to trade above the $30 psychological level after but still way below the pre-crash price around $34.5. At the time of writing, Polkadot price is slightly bullish at $30.43 as bulls focus on holding above $30.
- Are you new to crypto trading? This guide on the best cryptocurrency to buy is a good place to begin.
Polkadot Price Eyes The $42.70 Range High
Tuesday’s flash crypto marker crash saw Polkadot price drop below the 200-day SMA at $27.90, coinciding with the July rising trendline. Dropping below these two key technical levels meant that the sellers were significantly controlling DOT. The long lower wick on Tuesday’s candle shows that the bulls were not ready to let go of the support provided by these technical tools.
Wednesday’s doji stick validates this determination as DOT price stayed at the 200-day SMAQ level. This support level coupled with the 50- and 100-day SMA downward at $23.64 and $20.58 show that Polkadot is currently sitting on strong support. So, the path with little resistance is upwards.
DOT/USD Daily Chart
Therefore, the DOT price prediction is currently bullish and if bulls maintain the momentum to close the day above $30, the asset will surge to tag the recently set four-month high at $35.97. A clear bullish breakout will be realized if Polkadot rises above this level with the next logical level being the May 17 range high around $42.70. This represents a 40% rise from the current price.
Apart from the technical tools discussed above, the position of the Moving Average Convergence Divergence Indicator (MACD) above the zero line in the positive region adds credence to this bullish narrative.
On the flip side, if Polkadot closes the day below the $30 psychological level, it is likely to slide below the July rising trendline in a move that would see it flip the 200-day SMA into resistance. A further drop downwards could pull the DOT price to tag the $25 psychological level and the 50-day SMA $23.64 and the 100-day SMA $20.58 respectively.
At the moment, the horizontal movement of the RSI is an indication that Polkadot might continue consolidating in the short-term.
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Nancy Lubale
