DOT Technical Analysis – September 2021
Over the last 7 days, DOT has increased by around 70%. Since it encountered resistance at $38, DOT might retrace before continuing its price journey upwards.
The 20-day moving average line recently supported DOT and is still below the price, indicating that the uptrend may continue in the coming days.
The 9-day EMA can also act as support in the coming days since DOT has moved upward again after the recent correction. It remains to be seen whether the daily DOT candlestick can close above this EMA line.
Relative Strength Index
The RSI has started increasing again after recently dropping to around 50. Now it is edging closer to 70. This suggests that the momentum is bullish, but a further continuation might lead DOT to the overbought region, where sellers might take over.
The recent correction saw the MACD line go below the signal line. However, since the price started increasing again, the MACD has recently intersected with the signal line, indicating that the momentum is bullish now.
Fear & Greed
Fear and greed indicators suggest that greed is dominating the market for DOT. A continuation of this could lead to a potential reversal and then turn into fear.
The Fibonacci levels from the beginning of the uptrend suggest that the price may retrace down to the 38.2% level. If DOT breaks support at $22, then the 61.8% level might prove to be a good structure.
Price Prediction Polkadot – September 2021
Based on this technical analysis, DOT might be continuing its bullish run in the coming weeks. However, price corrections are inevitable, so we might see DOT fluctuate downwards from time to time in the coming days. If DOT maintains this trend, it is looking to get closer to $45 this month.
Latest News for Polkadot – Affecting Price
The integration of PolkaBrige with Polygon was one of the many reasons why DOT was bullish the last few days. Furthermore, the Polkadot hackathon of the last week increased the demand for DOT even more. The launch of parachains was another factor that played a role in DOT’s price recently. Polkadot is one of the few cryptocurrencies that keeps itself engaged with various other projects at the same time. Such updates are what make it unique and one of the best cryptocurrencies in the crypto market.