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Technical Analysis for DOTUSD for 26th October 2021

Polkadot is up 7%, will DOT/USDT Bulls Break Above $45?

To accelerate the development of its ecosystem and complete the Parachain slot auction, Polkadot has a $750 million fund. Analysts expect this support to boost DOT prices in the months ahead.

Past Performance of DOT

The Polkadot uptrend is valid as per the DOT/USDT development in the daily chart. 

Although prices are in range in lower time frames, buyers appear in control, flirting with all-time highs at $45.

What to Expect of DOT

Technically, Polkadot buyers are in the driving seat finding tailwinds from fundamental activities. 

As a result, every low may offer entries for optimistic buyers angling for a blast above $45 in a buy trend continuation. 

On the flip side, an unexpected dump below $40 may slow down optimistic buyers.

Polkadot Technical Analysis

The DOT/USDT price action of the daily chart favors buyers. 

For instance, the failure of prices to cool off early last week points to resilience. 

As from the chart, aggressive traders might find entries in lower time frames, expecting a lift-off above $45. 

Meanwhile, risk-on traders can wait for a close above the liquidation line to ramp the dips, expecting a surge towards $70—the 1.618 Fibonacci extension level of the H1 2021 trade range.

Resistance level to watch: $45

Support level to watch: $40

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

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