Polkadot Price Analysis – January 16
The Polkadot (DOT) price may find a halt at $25 as the price is down by 0.33% after touching the daily high at $28.69.
Resistance levels: $34, $36, $38
Support levels: $22, $20, $18
DOT/USD may likely drop lower if the coin finds support at the $25 level. However, the coin is trying to maintain its movement above the 9-day and 21-day moving averages in other to cross above the upper boundary of the channel. Now, if the bears push the market below the moving averages, the immediate support below the $25 level may be located. Beneath this, further supports may be found at $22, $20, and $18 respectively.
Polkadot Price Analysis: DOT Price May Consolidate Above the Moving Averages
As the daily chart reveals, if the buyers can hold the support at $27 and the price begins to climb higher, bulls may expect immediate resistance to be located at $30 which is above the upper boundary of the channel. However, moving a little bit higher may locate the higher resistance levels at $34, $36, and $38. Meanwhile, the technical indicator Relative Strength Index (14) is seen moving in the same direction around 50-level, which shows that the market may either go sideways or follow the bearish movement.
DOT/BTC Market: Price Keeps Moving Sideways
Against Bitcoin, the Polkadot is trading above the 9-day and 21-day moving averages. Therefore, in as much as the coin remains above this barrier, Polkadot may perpetually begin an uptrend. However, traders need more strong and consistent resistance to keep the price from the bear-run which could push the coin above the upper boundary of the channel.
However, with the current movement on the daily chart, if the price remains above the moving averages, DOT/BTC may likely reach the potential resistance level at 7000 SAT and above. On the contrary, if the market price slides below the moving averages, it may likely hit the critical support at 5800 SAT and below as the technical indicator Relative Strength Index (14) remains below 60-level.