DOT / USD continues to be a speculative magnet in the world of cryptocurrencies and yesterday’s first trades hit an all-time high of nearly 38,0000.
While many of their main counterparts are experiencing nervous conditions from trading, DOT / USD has continued to mount an impressive trend to bullish. In early trading yesterday, Polkadot peaked at nearly 38,000, which was an all-time high. The headwinds have created rather consolidated results and even declines among many of the major digital assets in the past two weeks, but DOT / USD has not correlated with price action and remains in view of its record highs.
As of this morning DOT / USD is trading near the 36.2000 level and the traders who decide to participate with Polkadot must be prepared for fast conditions. After touching all time, the DOT / USD produced a sell action and late yesterday yesterday saw a low water mark of almost 31.6500. However, since this juncture, which touched the prices last seen on September 12, the DOT / USD has moved higher again, with action dominated by fast trades.
Intriguingly, while the DOT / USD has shown its ability to rise since September 8, when the cryptocurrency was briefly trading near the 25,2000 index, other cryptocurrencies have been pushed back. On July 20, while testing the value of 10.0000 as medium, few traders would have predicted a tripling in value. The bullish tendency the Polkadot has enjoyed was certainly demonstrated in the general market for a pleasant stretch of time, but its ability to maintain the upward trajectory when its counterparts have started to struggle is noteworthy.
If the current support levels near the 35.7500 to 35.5000 marks are able to hold, speculators may believe that another leg to the upside within DOT / USD has potential. Speculators may find it hard to believe that DOT / USD will continue to outperform most of the cryptocurrency market, but betting against the trend can be just as difficult.
Support levels seen below the 32.0000 to 31.5000 marks yesterday need to be watched. If for some reason fast selling were to test these levels again, this would be an indicator that bearish sentiment has not only turned strong, but could challenge the 30,000 seen as late as 9/11.
The volatility in DOT / USD is still extreme, and traders are urged to use stop loss orders, taking Profits and entry orders to open positions. Polkadot has gained a lot of speculators in the last couple of weeks due to its price action and if volumes remain high, more volatility will certainly show. While the crypto market in general shows a nervous sentiment, technically the DOT / USD has been the outlier providing a steady rise. Betting on a further upside action if support levels prove to be durable is tempting, but speculators should practice their risk-taking tactics wisely.
Polkadot Short-term Forecast:
- Current Resistance: 36,4000
- Current Support: 35.1700
- High Target: 37.6500
- Low Target: 32.7500