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Technical Analysis for DOTUSD for 1st November 2021

Polkadot Consolidates Below $45, DOT Buyers Confident of a Breakout to New All-Time Highs

Polkadot begins their Parachain slot auction in less than two weeks. Traders expect DOT prices to inch higher on the back of this fundamental event.

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

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