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Tuesday, March 5, 2024

Polkadot Price Analysis: DOT Stabilizes Above $ 40

Polkadot has stabilized above the $ 40 mark in the past few days after slipping below $ 37 last week

Polkadot has lost its place as the sixth largest cryptocurrency to Cardano in the past few days, but it still remains in the top 10.

The DOT / USD currency pair slid below $ 37 on April 7, but has recovered, trading above $ 40 for the past few days. The DOT rate has increased 1% in the past 24 hours. Should the trend continue, DOT could soon target its monthly high of $ 46.71.

DOT price forecast

Indicators on the DOT / USD 4-hour chart suggest a bullish breakout. The pair is currently trading above its 100-day SMA ($ 39.059) after the DOT / USD gained strong support at the $ 40 level over the weekend.

An RSI in the neutral zone (51.3) and a slightly bullish MACD suggest that the market could move in either direction. The DOT / USD currency pair has risen by more than 1% in the past 24 hours and is slowly making up for its weekly loss.

If the positive trend continues, DOT could soon crack the next resistance at $ 42.92. If so, DOT could recapture its monthly high of $ 46.71.

However, should the bears regain control of the market, they could push the price below the 200-day SMA ($ 37.39). If it continues to decline, DOT could trade at $ 33.25. The DOT price has not been that low since last month.

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The DOT rate remains stable above the $ 40 mark, despite Tether announcing the launch of a new version of the USDT token on the Polkadot blockchain last week. This was great news for the polkadot community. With a market capitalization of over $ 44 billion, Tether is the largest stablecoin issuer in the crypto space.

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