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Polkadot Price Analysis: January 18

Polkadot’s price recently hit an all-time high of $ 19.47. Since then, he has continued to maintain himself at this level. At the time of writing this article, the value of the DOT was $ 17.71. Indeed, it was support at $ 15.80. Considering the bullish market trend of Polkadot and Bitcoin, the price may continue to fluctuate at the current level.

4-hour Polkadot chart

Source: DOTUSD on TradingView

The above chart from Polkadot sees the price accelerating from nearly $ 7 to $ 19. This DOT appreciation breaks through various resistance levels and quickly reversed the bearish trend in the market. However, the price has now started to signal a period of consolidation.

Considering the current phase, the DOT market could remain at the current price level, despite continued selling pressure in the market.

Reasoning

The moving average of 50 reflected the bullish trend in the DOT market. However, the moving average was getting closer to the price due to the selling pressure. Meanwhile, the Relative Strength Index noted that even though DOT had been overbought. It drops below 70 as traders are making their profits. But the indicator did not sink to equilibrium and moved closer to the overbought zone.

The awesome oscillator showed a gradual increase in market momentum as the value of the asset increased. Although it has seen small retracements, the DOT market has been revived with the momentum of buyers. The AO indicated that momentum was waning but was still driven by the uptrend in the market.

Conclusion

The DOT market, like the Bitcoin market, is going through a period of consolidation. There is no sign of a drastic price change in the market as the price has held at the current level. However, a change in the BTC market can also cause changes in the altcoin market.

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