Trading Polkadot (DOT) Today? Here’s What You Need to Know
Polkadot (DOT) prices are on the rise after having fallen to a low of $26 late last month. During the previous session, DOT/USD strengthened by around 1.39% and is now trading at around $37 at the time of writing, continuing its bullish momentum into Monday.
However, even as it stages a recovery, the uptrend is likely to face considerable pressure at powerful resistance levels. The immediate hurdle that Polkadot traders need to overcome sits at $39.42, and a failure to break past this could shake market’s confidence in this digital currency, driving its price lower in the near-term.
On the other hand, if buying pressure builds up adequate momentum to break past this resistance level, the next key levels of interest sit at around $42 and then $49. Under these price points, we could easily see DOT undergoing sideways trading after clearing the previous resistance until more buyers enter the fray.
In case the $42 level succeeds as resistance, we could see sellers dominate and drive bearish moves in Polkadot soon, taking its price down to around $37 and possibly even lower to around $32. The price could hover within a range under $37 for some time until the momentum builds up pressure and buyers take over control and help DOT/USD give break out another attempt.
Technical indicators are also not proving helpful for now, sending mixed signals about what to expect from Polkadot in the near-term. In the absence of fundamental developments powering any moves, depending on the RSI and MACD indicators fail to yield direction for now.
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