- Polkadot hits new all-time high after breaking stubborn resistance at USD 40.
- The rebound hit a barrier at $ 47 and shortened the trip to $ 50.
- DOT is likely to consolidate before taking the next significant move toward new all-time highs.
Polkadot eventually made it above the all-important $ 40 level. The move sparked massive buy orders as investors speculated on a surge above $ 50,000. A record high was traded at $ 47, which limited price movement. Meanwhile, DOT is hovering around $ 45 in search of higher support.
The upswing occurred on the long Easter weekend. Several digital assets increased, including Ripple and Stellar. On the other hand, after a rejection, Polkadot pulled back from $ 47 to $ 40. Meanwhile, the digital asset has already renewed the uptrend to trade past $ 45.
On the upside, the immediate resistance rests at the historic high of around $ 45. A look up shows that $ 48 and $ 50 levels can also constrain price movement. The moving average convergence divergence (MACD) recently hit a month high of 2.5. A correction is under way, but the indicator is leaning more towards the sideways trading action based on the MACD.
For example, the MACD line (blue) holds slightly under the signal line. The main battle is to cross the signal line and thereby reinforce another upswing. However, the MACD is moving relatively horizontally, paving the way for consolidation before a breakout.
DOT / USD four hour chart
DOT / USD price chart from Tradingview
If the immediate support at $ 44 does not continue, the overhead pressures will increase towards $ 40. An interruption of this level can trigger a high volume of sell orders and lead to massive losses towards USD 36 and USD 30 respectively.
Polkadot intraday levels
Spot rate: 45 USD
Support: $ 44 and $ 40
Resistance: $ 47- $ 48 and $ 50
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