Polkadot Hits ATH Over Busy Easter Weekend: What’s Next?

Arslan Butt•Tuesday, April 6, 2021•1 min read

Polkadot is enjoying a strong bull run with its price breaking past the major resistance level at $40 and surging to an all-time high of $47 before easing lower. At the time of writing, DOT/USD is trading at a little above $44.

The Easter weekend saw increased trading activity in Polkadot, driving its uptrend even as other cryptocurrencies like Ripple and Stellar also climbed higher over the past few sessions. After hitting its ATH and retreating, DOT/USD is likely to encounter its next immediate resistance at $45 and then at its peak of $47 which was rejected previously.

A move towards the $50 level will prove tricky for this digital currency as technical analysis indicates scope for sideways trading, which could potentially hold back further bullishness. There appears to be a strong possibility that once it breaks past $47, Polkadot could see its price consolidate between $48 and $50.

Meanwhile, a break below the current $44 level where the price is holding for now could see DOT’s price fall all the way down to $40 where it encounters strong support. However, if this support level fails to hold, increased selling pressure in the market could very well trigger a downfall all the way to $36 and possibly even $30 in the coming sessions.

Polkadot’s fundamentals remain strong, however, with increased interest in adopting this blockchain network. Last week, blockchain development company Enjin raised almost $19 million to build a blockchain network based on Polkadot focused on NFTs.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.