The cryptocurrency market buoyed again after a Tweet from Tesla’s CEO, Elon Musk hinted that the company may soon start accepting BTC payments. Polkadot (DOT) is seeing one of its breakout days in quite some time, reaching intraday highs of $26.32 as Bitcoin crossed back above $40k for the first time since May 26th. At the time of writing, DOT was trading at $25.08, up 16.95% in the last 24 hours and 4.69% weekly. Ranking 8th largest, DOT present market capitalization stays at $23.80 billion with $2.39 billion in trade volume over the past 24 hours. Coinbase announced the Polkadot listing on its professional trading platform on June 14 stating: ”Starting today, inbound transfers for DOT are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9 AM PT on Wednesday, June 16, if liquidity conditions are met”. Coinbase listings have mostly proven as a bullish event for the majority of crypto-assets.
Key Levels
Resistance Levels: $6.9, $6.4, $6.0
Support Levels: $5.64, $5.20, $4.35
DOT/USD Daily ChartDOT price has been in a broadly sideways range since late February despite touching record highs of $50.74 on May 15th. The price retreated to lows of $13.59 on May 23, thereby entering a downside consolidation. Presently, the DOT price is battling with the MA 200 barrier at $24.85 after a rebound in the day. A successful attempt above the MA 200 ($24.85) and today’s high of $26.32 could send DOT price higher to the $29.21 high ahead of the MA 50 currently at $30.21.
Above this area, the obstacle at $45.22 could halt bullish movements. Though, a step higher could help DOT’s price reach the May all-time highs of $50.74. On the other hand, selling interest below current levels could find support around the $19.43 level, taken from the latest low before plunging towards $15.76 and the May 23 low of $13.59. the RSI indicator has turned up to reach the 50 neutral mark, which suggests possible consolidation.
DOT/USD 4-Hour ChartOn the 4-hour chart, DOT is holding well above the flat MA 50 at $22.23 while climbing to a fresh high of $26.32 earlier today. Looking at the technical indicators, the RSI is approaching the 70 levels which suggests an advantage to the bulls. Stronger upside movements could meet the MA 200 at $26.76. Above this, the $42.65 barrier could be a crucial level for the bulls, ahead of the all-time highs of $50.74.
Otherwise, a descending move below the MA 50 ($22.33) could hit the support at $19.57 before slipping to the $18.42 level. More negative pressures could bring the bearish sentiment into play, finding support at the $13.64 level. In conclusion, DOTUSD is trying to overcome the MAs, taking the price into a more bullish phase. However, a price decrease may shift the market to neutral.
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