Can Polkadot (DOT) Continue its Bullish Run Towards New ATH? - Forex News by FX Leaders
Can Polkadot (DOT) Continue its Bullish Run Towards New ATH?

Can Polkadot (DOT) Continue its Bullish Run Towards New ATH?

Posted Thursday, May 6, 2021 by
Aiswarya Gopan • 1 min read

On Thursday, Polkadot (DOT) is seeing considerable bullish action – in line with our previous forecast, strengthening by over 5% so far today and technicals indicating the possibility of the uptrend extending further. At the time of writing, DOT/USD is trading at around $38.

The next key level Polkadot traders appear to be aiming for sits at $50, with the digital currency having crossed $41 earlier in the day before easing lower. So far this week, DOT has gained around 16% of its value and there is some optimism in the air that it could touch a new ATH above this upcoming hurdle.

In the mid of April, buyers had taken a shot at crossing the $50 level and almost succeeded, taking Polkadot price all the way above $48. However, nervousness set in and selling pressure commenced, taking its price crashing down all the way to around $26 soon after.

In order to make its way to the new ATH, buyers will have to overcome immediate resistance just above the $42 level for now. Succeeding in this could propel prices higher and give buyers a shot at the all-time high once again.

Things do look promising with the MACD indicator on the 4-hour price chart of DOT/USD indicating a bullish bias. If, on the other hand, the resistance above $42 holds, we can see Polkadot price slipping down to $37 and then towards $34 as well in the near term.

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