Technical Analysis for DOTUSD for 1st November 2021
Polkadot Consolidates Below $45, DOT Buyers Confident of a Breakout to New All-Time Highs
Past Performance of DOT
There has been a cool-off of Polkadot crypto prices in the past few days.As per CryptoAltum price feeds, the inability of DOT bulls to overcome $45 may present more opportunities for permabulls. This way, they may ramp up in smaller time frames in anticipation of more price expansions.
What to Expect of DOT
Technically, DOT/USDT prices are within a bullish breakout pattern following gains of October 13.
Despite the consolidation, there has been no solid confirmation of the breakout pattern swinging price action in favor of buyers.
If anything, a close above $45 yanks DOT/USDT to new 2021 highs, possibly the building block for a surge to $70.
Nonetheless, if the Parachain slot auction proves underwhelming, losses below October 27 lows at around $40 may trigger a sell-off back to $25.
Polkadot Technical Analysis
The path of least resistance, as per the DOT analysis of the daily chart, is northwards from a top-down approach.
Overall, a close above $45 would confirm buyers of October 13, setting the foundation for a race to $70—the 1.618 Fibonacci extension of the H1 2021 trade range.
Conversely, there will be doubts on the uptrend and the strength of buyers if there are losses below $40--a move that will potentially see DOT slide to $25.
Resistance level to watch: $45
Support level to watch: $40
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