DOT Price Analysis – January 19
Looking at the daily chart, Polkadot (DOT) rides on bulls as traders may likely have a better trading week ahead.
Resistance levels: $20, $21, $22
Support levels: $14, $13, $12
If the DOT trading volume can be increased significantly, a more bullish run is likely to occur. Following the recent price, DOT/USD is currently facing a critical resistance at the $18 level near the upper boundary of the channel. A break above the ascending channel is likely to produce a huge green candle to the upside, marking resistances at $20, $21, $22 levels. When this is done, the DOT market may follow a bullish run.
What to Expect from Polkadot (DOT)
As the coin remains above the 9-day and 21-day moving averages, a bearish step back may likely roll the market back to $15 support with a possible break down to $14, $13, and $14120 supports, establishing a new monthly low for the market. Looking at the daily chart, traders can see that the trading volume is rising slowly, giving a sign of an upcoming big move. More so, the RSI (14) remains within the overbought region. A precise bull cross might reveal more buy signals for the market.
DOT/BTC Market: Remains at the Upside
Against Bitcoin, the DOT price has been trying to rise but as it appeared, there’s a low amount of buying pressure in the market which is why the price dropped after touching 4292 SAT. At the moment, the DOT price remains above the 9-day and 21-day moving averages.
Moreover, if the bears try to break down the price, one would expect the market to fall to the support level of 3800 SAT and below. Meanwhile, a bullish continuation above the upper boundary of the channel may likely push the price to the resistance levels of 5300 SAT and above respectively. Once the scenario is done, the market will continue to respect the upward movement as the technical indicator RSI (14) stays within the overbought region.