Polkadot (DOT) price is facing a major resistance which needs to be overcome in order to achieve glory. The smart contract cryptocurrency is finally catching up with its peers after an incredible 61% pump this month. However, further upside depends on the bulls’ ability to break above $9.68 resistance which we will discuss later.
At the time of writing, DOT crypto is trading at $8.85 during its New York session on Wednesday. This is a 0.46% gain which comes after a 4.05% pullback on Tuesday. However, it is still holding $8.50 support on the 4H timeframe which suggests that there’s another bullish leg around the corner.
Most altcoins are trading below their weekly highs as Bitcoin price took a nosedive yesterday. Nevertheless, DOT/USD is still maintaining its bullish market structure which can push it higher in the coming days.
To take a better shot at Polkadot price prediction, let’s analyze it in a weekly timeframe. In this regard, the following chart shows consolidation just below the weekly resistance of $9.68. A breakout above this level is expected to unlock a huge upside. The immediate bullish target could be the $13.74 which is the 0.5 fib retracement level.
If the broader market conditions remain positive, a move toward $16.12 is also possible which is the 0.618 fib retracement level when connecting its all-time highs ($41.7) to the bear market lows of ($3.62).
This post was last modified on Dec 27, 2023, 18:15 GMT 18:15