Crypto strategist and trader Jason Pizzino says he’s keeping a close watch on Polkadot (DOT), Avalanche (AVAX) and two more crypto assets as the altcoin markets continue to flash signs of strength.
In a new strategy session, Pizzino tells his 210,000 YouTube subscribers that he expects interoperable blockchain Polkadot to continue surging to around $50 after a brief cooldown period.
“One, we want to see consolidation for the move up or two, back [to $28], consolidate, and then the move up. They’re the options that I’m looking for for a positive outcome for a DOT trade.”
Looking at smart contract platform Avalanche, Pizzino says that he’s waiting for AVAX to consolidate before igniting the next leg up.
“If we get the correction lower into previous zones ($45), then it just means that we’re going to need more time in a consolidation period before we can take off again… You want to see the consolidation before the next move. Get in on that breakout. That is a stronger-looking cryptocurrency.”
Next up is Cosmos (ATOM), a crypto asset powering an ecosystem of blockchains designed to scale and interoperate with each other. According to the crypto strategist, he wants to see ATOM trade between $30 and $37 before resuming its price expansion.
“If we get that nice consolidation, give us some rest period, then we take off again. We’re looking sweet. That’s exactly what we want to see.”
The last coin on the trader’s radar is automated market maker SushiSwap (SUSHI). Pizzino says SUSHI must stay above crucial levels to sustain its uptrend.
“This is in a reasonable setup, provided we hold these levels, so around $14. Of course, I don’t want to see it go lower than $12 and at the very worst, this level here, which is at about $9.50 because that is your higher lows… If the lows start to breakdown, then that is considered a downtrend.”
Polkadot price presents buy opportunity before DOT triggers 65% breakout
- Polkadot price is currently consolidating inside the $40.06 to $48.34 supply zone.
- DOT might dip to the $37.50 support floor from where it may catalyze a 65% bull run.
- A decisive close below $33.27 will invalidate the bullish thesis.
Polkadot price is facing enormous resistance as it sits inside a supply zone. Clearing this barrier will open the path for DOT to retest its all-time high and set a new one.
Polkadot price prepares for massive move
Polkadot price has risen 321% since its bottom on July 21 at $10.37. DOT is currently trading inside a supply zone, ranging from $40.06 to $48.34. This barrier has prevented Polkadot price from moving higher over the past eleven days and shows the same will continue going forward.
Investors can expect Polkadot price to retrace to the $38.76 support level before moving to the said supply zone. In some cases, DOT might briefly dip into the demand area, ranging from $33.27 to $37.50.
Either way, these retracements provide market participants with an opportunity to accumulate DOT for the incoming yet explosive move higher. If Polkadot price produces a decisive close above $48.34, it will indicate the start of an uptrend. In this case, DOT will head to retest the 100% trend-based Fibonacci retracement level at $53.88 or a new all-time high.
This move will likely extend further to the next level at $71.43, where Polkadot price will make another record high after a 65% ascent.
DOT/USDT 1-day chart
Regardless of the bullishness surrounding Polkadot price, a breakdown of $33.27 will indicate a weakness among buyers. This move will also invalidate the bullish thesis.
Under these circumstances, Polkadot price might revisit the $25.49 foothold.
Polkadot price analysis: Bullish momentum faces break down at $43.6 level
- Price has receded down to $43.64.
- Polkadot price analysis confirms bearish return.
- Support is rigidly standing at $30.19.
The price is going down once again as the latest Polkadot price analysis is confirming the bearish comeback. The price has undergone a decline during the last 24-hours, as the bears interrupted the bullish current by bringing the price down. The price is now following bearish movement momentarily and has moved down to the $43.64 level in the last 24-hours. The bearish momentum has been trending in the last four hours as well.
DOT/USD 1-day price chart: Bears drag price down to $43.64 level after gaining strength
The bears are striving for reestablishing their position on the price chart as can be observed from the one-day Polkadot price analysis. Today, a bearish price movement has been observed as the DOT/USD price devalued to $44. Although the bulls have been reigning on the whole, the price has decreased during the day because of bearish momentum. The moving average (MA) for the day is standing at the $42.73 level.
The volatility has been decreasing which is why the Bollinger band average is now at $39.06. Whereas the upper Bollinger band value is at $47.93 for now whereas the lower Bollinger band value is at the $30.19 position. The Relative Strength Index (RSI) score is yet to reach 70 and is still standing at 64.66.
Polkadot price analysis: Price decrements to $44 as downward trend continues
The four hours Polkadot price analysis shows that the bears have been at lead for the past few hours. The price has been falling down quite consistently with a few bullish price movements recorded here and there. The price has undergone a decline in the last hours as well and is now settled on the $43.64 mark. The moving average, on the other hand, is dictating its value at the $43.94 position.
A crossover between SMA 50 curve and the SMA 20 curve was recorded earlier, which is another confirmation of a downtrend. The Bollinger bands indicator is showing the following values in the four hours price chart; the upper value is $45.59 whereas the lower value is $42.3. The RSI score is at a quite average position and is at 51.22.
The overview of cryptocurrency progress shows promising results which is why the technical indicators chart for DOT/USD is going bullish. There are 15 indicators settled on the buying mark, nine indicators on the neutral mark, and two indicators on the selling mark.
The moving averages indicator is displaying favorable results for the buyers as well as it is giving a strong buy signal for the day. A total of 13 indicators are there on the buying position while one indicator each is sitting on the selling and neutral positions. The Oscillators, on the other hand, are showing neutrality with eight oscillators at the neutral position, two oscillators at buying position, and one oscillator at the selling position.
Polkadot price analysis conclusion
The one-day, as well as the four hours Polkadot price analysis, is showing slightly unfavorable results for the cryptocurrency. That is because the price has covered downward movement during the day and has undergone a decline up to the $43.6 level. It can be expected that the price will go down even further as the bears have been dominating for the last four hours as well.
This Is How Polkadot(DOT) Price May React After Hitting $50!
The crypto space is consolidating heavily for the consecutive second day showcasing a bearish trend. Most of the major assets are forming constant lower lows after a steep plunge. However, some altcoins like Polkadot is undergoing a reverse trend and attempting to reach the current highs. As the DOT price ranges above $50, the path towards a three-digit figure may get feasible.
After the recent reversal, the asset managed to trend within a rising wedge since the beginning of the current trading month. Initially, the asset hit the strong resistance levels at $38 and successfully sliced through these levels after a slight pullback. However, the price is currently an inch close to forming a new ATH.
Despite the price is surging and forming more higher highs, yet the fear of a bearish divergence still hovers the rally. The appears to be trending within a rising wedge which usually ends up in a slight pullback. The correction could either end with a notable rebound from the immediate trend line, else it could hit the strong support levels at $40.
However, the Polkadot price tends to reverse the trend in order to flip the bearish divergence soon. One of the popular analysts, FieryTrading, DOT price after forming a new ATH may not stop surging. The price currently resides at 1 Fib level and 2 Fib levels from beyond $100 at $120. And hence the target for Q4 maybe somewhere around $100.