Polkadot Price Analysis: 19 February – AMBCrypto News
Axie Infinity: This is how AXS is recovering after $600m exploit Enjin [ENJ] holders might see another ATH after 27…. How Polygon is taking advantage of this latest exodus from Terra AAVE moons 45%, credit to GHO; traders should expect resistance at… Cardano: These levels could determine ADA’s recovery prospects How is Bitcoin’s dominance affecting the alt season’s schedule Bitcoin: This is what traders can expect after BTC’s slow and steady comeback Bitcoin stepped beyond $22,000 but the whales didn’t push BTC this time Analyst on Bitcoin – ‘Risk v. rewards is tilting towards…’ Gensler’s ‘legendary’ opposition to spot Bitcoin ETFs gets a new critic Ethereum [ETH]: Identifying how good or bad Q2 was for the network This is what happened during Ethereum’s latest All Core Developer call Ethereum [ETH]’s bearish pressure may subside in short-term, but can the bulls defend the alt in the long run? Ethereum [ETH]: Analyzing how this resistance level can furnish an opportunity for investors What inflows worth $51M in short-Bitcoin investment products mean Published on By Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice Polkadot’s price has been on a steady incline this month after having had to endure a rough period of sideways movement throughout the latter half of January 2021. However, with the crypto’s price inching closer to its next level of resistance, the question on many traders’ minds will be whether more price discovery is on the horizon or whether a pullback is more likely. At the time of writing, DOT was being traded at $31.6, with the crypto having a registered market cap of over $27 billion. In the last 7 days, DOT has seen its value appreciate by close to 23 percent. However, thanks to a minor dip in price in the last 24-hours, the market’s bears may be slowly regaining control of the market. Polkadot 1-day chart Source: DOT/USD, TradingView The longer time frame charts for Polkadot illustrated the clear uptrend the coin has been on. However, a slight dip in bullish momentum did take place over the last 24 hours. While there didn’t seem to be much cause for concern, if DOT fails to breach the resistance level at the $34.7-price point, then a minor correction may soon be a reality for the cryptocurrency. In such a situation, Polkadot is likely to see the price retrace to its first support around the $22-price range. If this unfolds, traders can benefit from a short position, and given the fall in northbound momentum, this is going to be a likely reality for DOT in the near future. Rationale As per the coin’s technical indicators, a trend reversal may be in the works. The RSI indicator seemed to be heading out of the overbought zone, highlighting a fall in the number of buyers in DOT’s market. Interestingly, the MACD indicator, after having undergone a bullish crossover, didn’t show signs of an imminent reversal. However, the Signal line continued to rise on the charts and continued to move towards the MACD line. Important levels to watch out for Resistance: $34.7 Support: $22, $14 Entry: $29.2 Take Profit: $22.3 Stop Loss: $34.2 Risk/Reward: 0.83 Conclusion DOT’s price has been on a steady incline lately but at the time of writing, had witnessed a slight dip in bullish momentum. In the coming weeks, if the coin continues to fail to breach the resistance level, further price discovery for DOT is going to be temporarily put on hold and one can expect a minor price correction.
2021 will see DeFi emerge to be ‘more attractive to criminals:’ Chainalysis Bull that keeps climbing: Bitcoin surges past $55,000 Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature. With Polkadot [DOT] suffering a bull trap on the charts, here’s all you need to know Polkadot rises strongly, but how high can it really rally More losses for Polkadot, but is there an opportunity going forward Polkadot can make a comeback once it finds itself at this support region Polkadot could continue its drawdown following these signals Polkadot needs assurance on these counts before making a new ATH Your email address will not be published.Required fields are marked *
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.