Polkadot Price Analysis: DOT Token Price Retests The bullish Breakout

By November 6, 2021Polkadot
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  • DOT Token price action retraces to test the crucial level of $50.
  • The price can soon continue the bull run upon the successful retest.
  • The pair of DOT/BTC is trading at 0.0008233 BTC with an intraday move of -3.03%
Source- DOT/USD chart by tradingview

The DOT Token price rises above the swing high close to $50 that has served as a significant resistance level for a while. The daily chart however shows that the price of the coin has fallen. Therefore, the price retraces to test the breakout.

Pivot points analysis have shown that resistance levels for the Token are at $56, followed by $68. But, sellers could face resistance at $39/$32 if the price drops below $45.

DOT Token price is traded at $49.83; the market capitalization has fallen 5.03% in the past 24 hours. In addition, intraday trading volumes decreased by 25% during the last day.

Should You Consider Buying DOT Token Price?

The DOT token price suggests a high likelihood of sustainment above the $50 mark. Fibonacci levels point to a bullish run to $75 which coincides with the Fibonacci Level of 1.618.

The DOT token prices show a bullish trend. They trade higher than the important EMAs 20,50, and 100. These EMAs are able to provide support to falling DOT prices due to the evening star pattern.

The RSI indicator predicts a surge in the underlying bullishness as a result of the increase in price action.

MACD indicators show the MACD and signals lines rising higher on the daily chart. Additionally, the lines indicate a purchase signal when the fast line above the seller’s line is at the top.

Conclusion: The breakout of $50 on the daily chart indicates that there is rising buying pressure. The retracement towards 50 signals that the bullish breakout has been retested. This is a great way for a profitable entry with little risk.

Resistance– $60 or $75

Support– $45 and $39

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