The price of polkadot could go up, but a downward trend could also follow!
The polkadot price, which shattered ATH in a short timeframe and represented a likely polkadot season, fell mercilessly by nearly 50% of profits. However, the DOT price decline was short-lived as the price rose above the level and consolidated.
Currently, the DOT price is correcting an upward trend that could take the price to a new higher level. According to Gokhstein Media analyst and CEO David Gokhstein, the polkadot price could easily reach $ 350. Additionally, he says the Polkadot and Cardano ecosystem can be a great alternative for the Ethereum platform.
Currently, the DOT / USD pair is looking for a big breakout, while the DOT / BTC pair also appears to be fairly stable despite the immense volatility in Bitcoin price.
Also read: A popular analyst predicts the Polkadot (DOT) price will hit $ 300 very soon!
What can you expect for the Dot Price Rally?
However, the DOT price gained extremely bullishly and rebounded from the losses of the previous month’s close. However, the price is still hovering in a very narrow range and so it will take a lot of pressure to drive the price towards ATH.
Currently, Polkadot price is on track to correct the uptrend as the upward momentum appears to be a bit weak. The DOT / USD pair is currently receiving support from the 20-day EMA for $ 32.
The price is required to rebound from the 20-day EMA for the bulls to push the price above $ 35 to retest the ATH at $ 42.28. Otherwise, bearish divergence could bring the price below the current $ 34.83 level.
The polkadot price rally could accelerate if the upper resistance levels are broken at $ 35 and later at $ 37. However, attention must also be paid to the USD 29 support levels. The RSI for the DOT price is pretty bullish and the indicators also suggest a buy signal.
Also read: Popular Analyst Predicts Giant Polkadot Bull Run! DOT price ready to reach $ 100