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Polkadot price prediction: Polkadot spikes towards $46 resistance, breakout today?


TL;DR Breakdown

  • Polkadot gains 30 percent over the past few days.
  • DOT breaks $42 resistance.
  • Next target at $46 mark.

Today’s Polkadot price prediction is bullish as the market continues moving higher after breaking the $42 resistance. If the next resistance at $46 is not broken, we should see retracement overnight.

Polkadot price prediction: Polkadot spikes towards $46 resistance, breakout today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today after further upside was seen earlier today. Bitcoin is up by more than 5 percent as it regained the $50,000 resistance. Ethereum has performed even better, with a gain of 11.87 percent over the last 24 hours. Dogecoin is among the best performers as it has gained 41 percent.

Polkadot price prediction: Polkadot spikes towards $46 resistance, breakout today?

DOT/USD opened at $40 after a strong push higher from the $34 support. Since Polkadot price broke the $42 previous resistance we can expect further upside over the upcoming weeks as the market turns bullish again. Currently, we could see a small retracement overnight as the $42 mark is retested as support.

Polkadot price movement in the last 24 hours

The DOT/USD price moved in a range of $38.69 – $45.28, indicating substantial volatility. 24-hour trading volume has decreased by 31.5 percent and totals $4.8 billion. The total market cap stands at $42.5 billion, ranking the cryptocurrency in 8th place overall.

DOT/USD 4-hour chart – DOT broke above the $42 resistance and targets $46

On the 4-hour chart, we can see the Polkadot price pushing towards the next resistance at the $46 mark over the last hours. 

Polkadot price prediction: Polkadot spikes towards $46 resistance, breakout today?
DOT/USD 4-hour chart. Source: TradingView

Overall, Polkadot continues to recover after retesting the previous major swing low around the $28 mark on the 23rd of April. Over the past weeks, Polkadot slowly traded higher until a sharp spike to the $44 mark put an end to the upswing.

On the 10th of May, DOT/USD retested the $42 resistance and made a sharp spike lower to the $32 mark, which served both as a support and a resistance previously. From there, DOT/USD made an equally strong reversal to the $42 mark and failed to move higher again. Further, another spike lower was made on 12 of May, setting a slightly higher low and quickly rejecting any further downside.

Since then, the Polkadot price has moved higher and breached the $42 resistance level on the 14th of May. Over the past hours, the market moved even higher and quickly reached the next resistance around $46. Therefore, the overall market momentum has shifted to bullish again.

Once the $46 mark is retested, we expect a slight retracement overnight, as the $42 mark will likely be retested before Polkadot moves any higher.

Polkadot Price Prediction: Conclusion 

Polkadot price prediction is bullish as the market continues moving higher after finally breaking above the $42 resistance. Therefore, we expect DOT/USD to test the $46 mark later today. Once it is reached, Polkadot could retrace to retest the $42 mark.

While waiting for further Polkadot price action development, read our guides on other major altcoins – Monero, Ethereum Classic, and Bitcoin Gold.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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