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Technical Analysis for DOTUSD for 12th October 2021

Polkadot Uptrend Finds Ceiling at $40, Will DOT Prices Break Out?

The Polkadot ecosystem continues to expand. All the same, the community is looking forward to the Parachain slot auction on the interoperable blockchain. There are expectations of a possible announcement this week during the SubO event.

Past Performance of DOT

DOT prices are relatively stable at the time of writing, dropping five percent on the last day but up seven percent week-to-date. 

From the daily chart, DOT prices appear to be recoiling from around September 2021 highs and on the verge of completing an M-formation, technically marking the end of the pullback after September losses.

What to Expect of DOT

DOT/USDT prices are inside an ascending wedge according to CryptoAltum charts. 

Even though the trading community is excited, expecting a break above $40 and September 2021 highs, lower lows from spot rates would slow down determined buyers. 

In that eventuality, DOT prices may slide towards $26. On the flip side, a break above the wedge and $40 may be the basis that may see the coin blast above all-time highs towards new all-time highs.

Polkadot Technical Analysis

From the daily chart, Polkadot buyers are in the driving seat. DOT bulls have been rampant, rewinding losses of September and setting the foundation for possible moon swing towards $45. 

All the same, the short to medium-term trajectory depends on the reaction at $40. 

A high volume close above the wedge would most likely light up Polkadot bulls, re-injecting momentum for another leg up to $45 and beyond. 

On the other hand, deeper losses below $33 may ignite a sell-off, driving prices back to $25 in a bear breakout pattern below the ascending wedge.

Resistance level to watch out: $40

Support level to watch out: $33

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

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