While the entire crypto market was going down following the behavior of Bitcoin, Polkadot did not escape from this direction and went to visit the $ 26. At the time of this writing, DOT is trading at $ 33.67, and accumulates a loss of 1.07%.
After that low reached at $ 26 a few days ago, the bulls arrived to defend the price, and now it seems they want to take it higher.
Investors are buying the drop. The demand for coins is putting pressure and we are most likely seeing a resumption of the dominant uptrend of the market.
To know more precisely what is happening with DOT, below I carry out an analysis and forecast of it.
Polkadot price weekly chart technical analysis
When we look at the time frame with weekly candles, we notice a clear medium-term uptrend, made up of increasingly higher lows and highs.
Despite the sharp decline in recent days, the bulls arrived early and managed to defend this trend, by putting pressure on the support nearby at $ 28.50.
A healthy pullback is complete, now we are most likely seeing the start of new momentum to the upside.
The first objective, the resistance left by the all-time high, close to $ 44. But knowing that we are seeing a resumption of the trend, that level should not be a relevant obstacle for long.
We will hardly see the price of Polkadot lose that support at $ 28.50. In the same way, they are only probabilities, in technical analysis we do not have absolute truths.
In case we see the bears break that level of support, we will see an accentuation of the selling in search of perhaps $ 16.
Forecast and Key Short-Term DOT Levels
When we go down to the daily chart we see the strong demand for currencies in the neighboring support at $ 28.50.
We will now see the price challenge the immediate resistance, located at $ 35. If it is crossed, the terrain will be cleared up to $ 45.80.
If the price goes in search of an all-time high, the target predicted by the Fibonacci retracement tool is $ 60.50.
In the event that $ 28.50 is missed, we may see a quick search for $ 23.15. Further down the next relevant support level is $ 19.40.
Knowing that the dominant trend of the Polkadot price and the market in general is bullish, it is quite clear which side the most odds are on.
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