The year 2020 had been exceptionally good for Polkadot (DOT). It reached a market capitalization of $15 billion and currently ranks fourth. The Week that Was for DOT At the start of the week, DOT prices showed an uptrend. From 25th January, DOT started losing its bullish momentum after reaching a high price of $18.8251. DOT prices continued to fall, and on 27th January reached a low price of $15.0316. Thereafter, DOT prices have started rising again. In the past 24 hours, DOT has been trading between $15.0316 and $16.6327. It started with a downtrend but later on gained a bullish momentum. https://ift.tt/2MBngWX Expectations for the Day-Ahead and Tomorrow The MACD indicator is showing a ‘bullish crossover’ as the MACD line (blue line) crosses up through the average line (red line). Thus, MACD is indicating a bullish trend. The OBV indicator is also rising. In other words, crowd sentiment is positive and indicates a bull-run. The RSI indicator shows that prices faced a bearish swing rejection signal at 75%. Currently, it has fallen to 57.11%. The prices have dipped but not entered the oversold territory. Thus, it doesn’t confirm a bearish momentum. Some price corrections are occurring and we can be hopeful for an uptick. The day started with an opening DOT price of $15.4697. Currently, it is trading at $16.4888. A bull can be confirmed if the prices cross three levels of resistance at $17.0106, $17.2443, and $17.6222 respectively. These are the Fibonacci retracement levels calculated using a 24 hour high of $16.6327 and a 24 hour low of $15.0316. Currently, the prices are struggling to go past $16.5. This indicates there is selling pressure on DOT prices. With all the indicators giving credence to an uptrend, we can be positive about DOT price movement in the next 48 hours. However, bears cannot be fully eliminated. If the price falls below $16.2548, then the first support level is breached. If the price goes on to breach subsequent support levels of $16.0211 and $15.6432, then it implies a bearish trend.
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