New Highs in DOT: Rally Above $30 Is Imminent
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New Highs in DOT: Rally Above $30 Is Imminent

January 23, 2021      Ankita Awasthi

On 16th January, the DOT price hit an All-Time High (ATH) of $19.24, indicative of immense buying pressures. DOT prices were expected to rise further, but this rise was halted by falling Bitcoin prices. DOT price started falling steadily and till 19th January the closing prices were unable to go past the $17 resistance level. The news of big names from Salesforce and Lime joining the Board of CERE – the Polkadot aligned network also gave impetus.

Price Movement – DOT

Date Open High Low Close Volume Market Cap
20-01-2021 16.61 18.14 14.88 17.93 $ 2.79B $ 14.47B
21-01-2021 17.93 18.06 15.08 16.06 $ 4.49B $ 14.86B
22-01-2021 16.04 17.97 14.87 17.13 $ 4.34B $ 15.06B

 

However, it rebounded on 20th January and hit the ceiling price of $17.76, which is the 1.618 Fabinocci level as well. It managed to close at $17.93 falling a bit short of the $18 mark. However, the DOT price started declining again on 21 January and closed at $16.06. On 22nd January, the DOT price recouped and closed at $17.13.

Price Analysis Polkadot

Source – https://www.tradingview.com/x/B5J2VrtA/

READ  DOT Prices Struggling to Go Past $16.5

The fall post the ATH on 16th January also implies that some short-term investors wanted to take advantage of the sharp rally to make profits. But, since the bears did not pull down the DOT price below $14.7259 (38% Fibonacci retracement level) it means that there is no panic selling or aggressive profit booking. The investors are still bullish about the DOT price.

23rd January Analysis

At the time of writing this article, the real-time price of DOT is $17.82. The price is on an uptrend. If the DOT price manages to go past $18, then the following will be the resistance levels:-

Level Resistance price
1 $18.65 (1.414 Fib Extension)
2 $20 (1.618 Fib Extension)
3 $20.42 (1.618 Fib Extension)
4 $22.38 (1.414 Fib extension – blue)
5 $24.60 (1.618 Fib Extension – blue)
READ  Dubai Crypto Fund FD7 Ventures to Sell $750 M Worth of Bitcoin to Invest in Polkadot, Cardano

 

If all the above resistance levels are breached, the DOT price can go up to $30 in the coming days.

The Bitcoin fall has been arrested due to heavy inflows. The prospect of BITCOIN becoming a reserve currency has popped up again, as the Biden administration is expected to announce economic stimulus packages soon. This will serve as a catalyst for a rebound of Altcoins including DOT. So, we can expect a DOT price recovery in the next few days.

#DOT #DOT Price #Polkadot
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.