Polkadot Price Prediction: DOT prepares for another leg up against Bitcoin – FXStreet

Lorenzo Stroe Lorenzo Stroe
Independent Analyst

Polkadot has been trading inside a massive uptrend since December 28 after a long period of sideways trading since September. The digital asset experienced an explosive increase in trading volume in the past week which adds credence to the bulls.
On the 4-hour chart of DOT/BTC, Polkadot has been trending downwards since January 4. At 0.00025 BTC there is a crucial support level that DOT must hold at all costs to see another leg up against Bitcoin.
dot price
DOT/BTC 4-hour chart
On the 4-hour chart of DOT/USD, Polkadot price has held above a strong trendline which coincides more or less with the 26-EMA. As long as DOT remains above both levels, the uptrend will remain intact. Bulls aim to break $10.68 next.
dot price
DOT/USD 4-hour chart
However, the digital asset is already fairly extended after a 100% breakout in the past week which means it might be poised for a correction first before resuming the uptrend.
dot price
DOT/USD 6-hour chart
On the 6-hour chart, the TD Sequential indicator has presented a sell signal for the first time since December 30. Validation of the call could push Polkadot price below the strong trendline and the 26-EMA towards $9.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Bitcoin price has been extremely bullish ever since July 26, when it kick-started a second bullish leg. Regardless, BTC is yet to face another hurdle that will determine if there are buyers with conviction behind the recent run-up or if it is built on weak-handed longs.
Ethereum price has done the unthinkable over the last 24 hours and flipped an important hurdle into a launching pad. All that’s left for ETH to do now is to maintain this momentum and rally to new hurdles.
Timothy Stebbing introduced a new tool in the Dogecoin community's arsenal to tackle Fear, Uncertainty and Doubt (FUD) about DOGE. The meme coin started recovering after the FOMC rate hike announcement and recouped its losses from the past two weeks. 
Investors seem to be shifting their attention back to the cryptocurrency market following the Fed's Wednesday interest rate verdict, when it raised rates by 75 basis points, to combat rising inflation. 
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

source