DOT Technical Analysis – $43.24 Hint at a Price Pullback

As per technical analysis, Polkadot is an open-source blockchain-based protocol that provides a state-of-art platform for decentralized application development. It boasts of high security, scalability, and technological innovation. DOT is the customized token of this ecosystem.

Past Performance

On March 27, 2021, the opening price of $33.20. As of April 2, 2021, the closing price of DOT was $41.03. Thus, in the past week, the DOT price has surged by approximately 19%. In the last 24 hours, DOT is trading between $37.55-$45.

DOT Price Analysis

https://www.tradingview.com/x/xguWu3lC

Day-Ahead and Tomorrow

Currently, DOT is trading at $43.75. The price has increased from the opening price of $41.03. Thus, the market looks bullish.

The A/D indicator is upward sloping. Thus, whale accumulations are higher than whale distributions. High buying activity will exert upward pressure on the DOT price. Hence, we can expect the price to rise further.

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The MACD and signal lines are positive. But, they are close to the zero line and may change signs soon. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst a bullish price trend.

Currently, the RSI indicator is at 55%. It faced rejection at 58%. This implies that selling pressures are mounting. Thus, a price pullback seems imminent.

DOT Technical Analysis

As per technical analysis, the price is currently inching closer to the first Fibonacci pivot resistance level of $44.03. If the bullish forces remain strong, by day close, we can expect the price to break out of the subsequent resistance levels of $45.79 and $48.64 respectively.

The price may soon test and fall below the 23.6% FIB retracement level of $43.24 as the indicators are hinting at a price pullback. If by day end, the price retests and breaks out of this level, then we can expect the positive trend to continue tomorrow as well.

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