DOT/USD has surged 6% on the day, reaching an intraday excessive of $41.08 as bulls goal $50

Image by Gerd Altmann from Pixabay

Polkadot has seen a gentle rebound alongside a bullish development line fashioned on the 4-hour chart to assist value get well above $30.

The digital asset is buying and selling round $39.12 as of writing, about 6% up on the day and 16% this previous week. Today’s upside pushed it to highs of $41.08 earlier than sellers set in trying to scupper the bulls’ plans.

If DOT bulls mirror latest good points for main altcoins like Ethereum, Litecoin, and Algorand price prediction, its value may attain a brand new all-time excessive above $50.

The cryptocurrency has a market cap of $36 billion and ranks eighth within the crypto market behind Cardano (ADA), which sits at $48.6 billion.

Polkadot value evaluation

DOT climbed to an all-time excessive of $48.36 on 17 April, earlier than breaking right into a downtrend as bears pressured their means beneath the 200-day easy shifting common. The value continued decrease, breaking previous the 50% Fibonacci retracement degree of the transfer from $48.36 excessive to $26.38 low.

The technical image reveals that the MACD stays within the bullish zone, with the histogram trending inexperienced above the baseline. Prices are additionally fluctuating close to the higher curve of the Bollinger Bands.

As lengthy as consumers maintain costs above the 200 SMA ($38.07), bullish momentum will doubtless push DOT/USD above the fast resistance on the 61.8% Fib degree ($40.05).

If bulls can handle to achieve the subsequent goal on the 78.6% Fib ($43.78), an upward path to $48.36 and $54.61 will open up.

Conversely, bear presence above the 200 SMA may overpower bulls. In this case, the value may drop to the subsequent assist zone close to the center curve of the Bollinger Bands.

Here we have now the 50% Fib degree ($37.41), and beneath it the decrease bands and the 38.2% Fib that provide a strong demand zone close to $34.78. In the occasion sentiment within the broader market flips unfavorable, DOT/USD could possibly be weak to short-term declines to $30 after which $26.00.

Overview by bitgraph.network.