- Polkadot price prediction expects a rise to $17.
- Strong resistance currently lies at the $12.5 mark.
- Strong support currently lies at the $11.16 mark.
Trading View analyst Ich Ban’s Polkadot price prediction shows that the cryptocurrency will rise towards the $17 mark next. The cryptocurrency recently broke above its all-time high of $10.5 after turning bullish on the 13th of January.
1-Day Polkadot price analysis
Polkadot price came to rest above the $11 mark before closing on the 13th of January. At the time of writing, the cryptocurrency is priced at $12.309, after Bitcoin BTC settled near the $38000 mark after a steep price correction worth a decline of $10000 recently. The cryptocurrency touched a daily high of $12.329, whereas the lowest for the cryptocurrency was the $10.90 mark.
Across the technicals, we see sixteen out of twenty-six technicals in the buying indication. 7 of these technicals stand neutral, while 3 are for the selling position. The oscillators indicate a sell position for the cryptocurrency, with 2 of these in the buy indication, 6 stand neutral, and 3 indicate a sell signal. Fourteen out of fifteen moving averages favor a buy position, thus showing off a strong buy with 1 neutral moving average.
The upper Bollinger band was being ridden by the cryptocurrency’s price from the start of the 13th of January, while it has recently seen a pair of red candles on the chart. However, the cryptocurrency still appears bullish with an expectation of sideways movement on the 4h time frame. The bands’ expansion has increased over the last 2 days due to the increase in price volatility.
Polkadot price prediction: What to expect?
Trading View analyst Ich Ban believes that the cryptocurrency has been trading inside a big rising triangle pattern. The price has finally broken above the upper boundary of the triangle. This breakout is a bullish indicator for Polkadot price prediction in the long term.
The next target price for this Polkadot price prediction lies near the $17 resistance. The analyst discussed that Polkadot has been showing off good performance on the charts relative to the king of cryptocurrencies Bitcoin BTC, especially after the launch of its first parachain. This will allow the cryptocurrency to see a rise above the $40 mark, per the analyst. Very recently, the DOTUSD pair also surpassed its old all-time high of $10.70, with a new high close to $11.6. The price appears to be breaking out of the triangle pattern, if a confirmation occurs here after the retest, the price will fly upwards again, per the analyst. The next long position target for Polkadot will be at $43.9, once the cryptocurrency moves above the $17 level.
The cryptocurrency had been looking for an upward breakout for a few days now as it formed support near $7. The cryptocurrency observed a rebound within a falling parallel channel, while it eventually swung towards the upside after a series of successive candlesticks. The uptrend for DOTUSD has been tremendous, where it even overshadowed the price recovery exhibited by Bitcoin BTC over $37000, in the words of the Trading View analyst Coin Gape.