Market Analysis

POLKADOT PRICE ANALYSIS & PREDICTION (November 12) – DOT Reclaims July’s High Following An Impressive 40% Surge In A Month

Following last month’s break above a descending wedge, Polkadot’s price continued to increase with no signs of weakness on a daily. A pullback may occur if the asset drops from the current trading level.

DOT advanced higher this week and reached a new milestone after scaling through several resistance levels in the past weeks.

That action strengthened the market and brought a full recovery to the price. It is currently testing a crucial resistance area (July high) after adding another 20% gain in the last 7 days. It saw a rejection there and dropped slightly to $5.7.

The latest rejection shows that the bears are reacting to this crucial resistance area. A strong interception from here could trigger a fresh drop in the near term. On the other hand, the bulls are not giving up on the rally.

If the price successfully climbs above it, May and April’s highs would be the next buying target for DOT on the daily chart.

So far, Polkadot has recorded a total gain of 45% since the price started to recover in October. The price will continue to increase as long as the asset continues to show signs of strength by the day. For now, its short-term bullish trajectory remains intact.

DOT’s Key Levels To Watch

Source: TradingView

If the price increases above the current daily high of $5.86, the next resistance level would be May’s high of $6.1, followed by $6.55. April’s high is the next level to watch if the price breaks higher.

The recently flipped $5.5 level is serving as minor support on the hourly. If the price drops and this support breaks down, the next line of support would be $5.1 and $4.81. The $4.3 level is a key support to watch in case of a deep pullback.

Key Resistance Levels: $6.1, $6.55, $7

Key Support Levels: $5.5, $5.1, $4.81

  • Spot Price: $5.7
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.