Polkadot DOT Coin Price Prediction 2021 – Polkadot price expels Reach $100 – Why it Will $100 Next ?

Polkadot Price Breaks Higher, Approaching
key Resistance After a technical breakout, the Polkadot price
gained 20% in two days. As we approach the next big level, the price
is starting to look a little stretched. Polkadot coin (DOT) has staged a remarkable
recovery from its sell-off earlier in the week. The Polkadot price suffered miserably, as
did many of its peers after Elon Musk rattled the market. The coin dropped hard but found buyers close
to the $30.000 mark. Subsequently, it rallied 57% from its 13th
of May of $31.9520. The current $48.5000 is just short of the
new all-time high of $49.9598, set earlier today.Polkadot Background
The DOT token is native to the Polkadot protocol. Polkadot is an open-source sharding multichain
tool. Its functionality allows the transfer of assets
and information across multiple blockchains. Therefore making the chains interoperable. The founders include Dr. Gavin Wood, who is
also a co-founder of Ethereum.

The Polkadot price rally puts the coin at
number 8 on the CoinMarketCap ranking system. It currently has a market cap of $45.25 Billion. Technical Outlook. The 2-Hour chart shows that the Polkadot price
broke through the resistance of a descending trend, in place from the previous $48.8220
ATH. Once the price crossed the threshold at $41.9200,
it accelerated higher. The follow-through extension saw the price
coin gain close to 20%, as momentum buyers jumped on the move. The price is now approaching a longer-term
trend line at $52.0000.

This links two previous all-time highs; therefore,
I consider it a strong resistance area. The RSI is near overbought territory in the
1-hour time frame. This may suggest that the Polkadot price may
struggle to clear resistance the first time around. If the price can clear resistance, buyers
may again chase the market higher, leading to an extension in price. If the current momentum doesn’t take out
the resistance, the Polkadot price looks vulnerable to moving back to the $41.9200 breakout line. A break of which would signal that the current
bullish stance no longer valid. Polkadot price expels weak holders, prepares
DOT for a 60% rally Polkadot price is on course to close this
week with a bullish engulfing week. Downtrend for the weekly Relative Strength
Index (RSI) retreats. DOT topside trend line may offer temporary
resistance for the new rally.

Polkadot price is preparing to finalize the
end of a multi-week consolidation beginning with a rare but powerful, bullish engulfing
week. If DOT remains above last week’s high at
$44.99 through the weekend, it will confirm a new uptrend for the 8th largest cryptocurrency
by market capitalization. Polkadot price to reward patient altcoin investors
It was an eventful beginning to 2021, as Polkadot price rallied over 700% into the February
high, securing its position as one of the largest cryptocurrencies. Since, price action has been mixed and sideways,
with brief new highs in April failing to galvanize investor enthusiasm.A couple of weeks ago,
it appeared that Polkadot price was beginning to shape the right shoulder of a massive head-and-shoulders
top, but this week’s price surge has disrupted the pattern symmetry and forced a rethink
of the outlook. If Polkadot price does close the weekend above
$44.99, thereby triggering a bullish engulfing week, it will raise the odds that DOT will
pierce the topside trend line, leaving the altcoin free to touch much higher prices.

A bullish engulfing week is formed when the
current week’s price low undercuts the previous week’s low and reverses higher to close
above the last week’s high. It signals that the remaining weak and impatient
DOT holders have been expelled, and the digital token’s investor base is being populated
by investors that are more committed. It is important not to underestimate the power
of long-duration consolidations like the one for DOT. Two examples are the MATIC breakout at the
end of April from a six-week consolidation that has earned a 200% for investors and the
Cardano breakout this month from a nine-week consolidation that has rewarded investors
with a gain of over 30%. Moving forward, Polkadot price needs a weekly
close above $44.99 on Sunday to activate the bullish thesis. The first resistance is the topside trend
line at $53.72 and then the 161.8% Fibonacci extension of the April correction at $63.63. Bigger aspirations will target the 261.8%
extension of the April correction at $87.00, generating a 60% return from the topside trend
line. It is important not to underestimate the power
of long-duration consolidations like the one for DOT. Two examples are the MATIC breakout at the
end of April from a six-week consolidation that has earned a 200% for investors and the
Cardano breakout this month from a nine-week consolidation that has rewarded investors
with a gain of over 30%.Polkadot price could ruin the outlook by closing below $44.99 on
Sunday.

Initial support will materialize at the tactically
important 10-week simple moving average at $37.95. A spike in selling pressure will put
the 50% retracement of the 2021 rally at $26.85 on the radar, a level that offered support
twice during the consolidation. subscribe channel
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