Polkadot Price Analysis – January 2
The Polkadot price is trading above the moving averages; a breakout above the channel barrier could trigger a rapid increase.
Resistance levels: $35, $37, $39
Support levels: $25, $23, $21
DOT/USD is now resuming the bullish continuation as the buyers gain control of the market today after touching the support level of $27.64. The 4.68% surge in volatility is leveling up the trading price to touch the resistance level of $30.75. However, the Polkadot price is seen trying to cross above the upper boundary of the channel.
Polkadot Price Analysis: Polkadot Price May Head to the Upside
As reveals by the daily chart, the Polkadot price has been trying to increase since a couple of days ago. Therefore, traders may see more climbs in the next few positive directions if the coin trade above the upper boundary of the channel to hit the resistance levels at $35, $37, and $39 respectively. Once this is done, it is likely for the bulls to start controlling the market.
On the downside, the 9-day MA is making an attempt to cross below the 21-day MA and once this comes to play, the market may start going down. In the meantime, if the Polkadot price drops below the current market level, the $26 level below the moving averages could provide support for a possible bearish retracement.
But if not, the coin may further hit the supports at $25, $23, and $21. According to the technical indicator Relative Strength Index (14), the signal is moving around 50-level which could determine the next direction that Polkadot may follow.
DOT/BTC Market: Price Trades Above the Moving Averages
Against Bitcoin, Polkadot (DOT) is tremendously trading upward as the market price hovers at 6399 SAT. The Polkadot price is now contained within the channel as traders expect the bulls to hopefully push the market higher but at the time of writing, the Relative Strength Index (14) moves to cross above 60-level.
However, if the bulls push the price above the upper boundary of the channel, traders can expect initial resistance at 6800 SAT. Above this, higher resistance could be located at 7000 SAT and above. On the contrary, if the sellers bring the market below the 9-day and 21-day moving averages, the market may hit the critical support at 5400 SAT and below.