In the last 48 hours, the price of Polkadot (DOT) has been desperately trying to overcome the high of $20. Since January 22, the price of the cryptocurrency has fluctuated between $16 and $20.

Neither buyers nor sellers managed to break out of this range. On February 2, buyers were rejected in their attempt to break above the recent highs. Today, buyers are starting to move up again to retest the resistance level. On the bright side, if buyers break through the $20 resistance level, the market will move up to $30. On the downside, buyers could emerge in oversold territory and defend the current $16 support level. In the past few days, shorts have been pushed back into lower price areas.

Boka Indicator Analysis

DOT prices were at the 40 level of the Relative Strength Index during the 14 period. The recent rally pushed the RSI higher, but the cryptocurrency is still in a downtrend area and can fall. Polkadot is above the 40% area of the Stochastic on the daily chart. The market has regained bullish momentum. Cryptocurrency prices are still below the moving averages, indicating that prices could fall.

DOTUSD(Daily K-line chart)_-_FEB.4.png

Technical specifications.

Major resistance levels – $52 and $56

Major support levels – $28 and $24

What is the next direction for Polkadot?

Polkadot is still in a downside correction with cryptocurrency prices ranging between $16 and $20. If it breaks above $20, the cryptocurrency will resume its uptrend. The upward movement is hampered by the presence of indecisive candlesticks of small entities.

DOTUSD(_4_Hours_Chart)_-_FEB_. _4.png

Disclaimers. This analysis and prediction represents the author's personal opinion and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered as an endorsement by CoinIdol. Readers should do their research before investing their money.