Polkadot (DOT) Price Rebounds, Aiming for Higher Breakout

25 February 2021 | Updated: 25 February 2021

DOTUSD Price Analysis – February 25

With the Polkadot (DOT) price up to around 10% in 7 days and 0.24% in 24hrs, all eyes are on the coin to deliver further gains. After DOTUSD recovered from the weekly low of $25.82 level the pair looks to sustain the advance beyond the $35.54 daily high. At the time of writing DOT token is worth around $34.00.

Key Levels
Resistance Levels: $42.71, $40.13, $37.24
Support Levels: $29.34, $25.91, $23.05
DOTUSD Long term Trend: Ranging
As observed on the daily chart, after its recent pullback, the altcoin holds above the $25 level and ditches the corrective downtrend seen across the crypto board last week. DOTUSD price has recovered from the selling frenzy and is climbing higher in hopes of establishing a new uptrend.

A rise in buying pressure here could propel the DOT token to its intended target at $50. DOTUSD traders need to be aware that rejection at either $36.20 and MA 5 zone or the resistance barrier at $37.24 may be disastrous. If this occurs, DOT would re-enter the consolidation phase and slide to the 78.6% retracement level at $29.34.
DOTUSD Short term Trend: Ranging
On the 4-hour time frame, DOTUSD price continues to hover around its MA 5 and 13 while the Relative Strength Index (RSI) stays well within its midlines, both of which indicating more price consolidations which may eventually lead to an upside rally.

A test of the upside measured goal past the $36 marks remains on the cards should the bulls find acceptance above its near term MA 5 and 13 around the $35.00 level. The psychological $40 level could come into play if the bulls extend their control. Alternatively, the horizontal resistance at $37.24 could limit the upside run and cap the pair.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.