{"id":134272,"date":"2021-01-03T03:00:34","date_gmt":"2021-01-02T21:30:34","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=134272"},"modified":"2021-01-02T18:06:13","modified_gmt":"2021-01-02T12:36:13","slug":"polkadot-price-analysis-02-january","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/polkadot-price-analysis-02-january\/","title":{"rendered":"Polkadot Price Analysis: 02 January"},"content":{"rendered":"

Over the past six days, Polkadot [DOT] appreciated by 82% from $5.2 to post a high at $9.51 and at the time of writing was trading at $8.52. It held the sixth rank on CMC with a market capitalization of $7.58 billion.<\/p>\n

DOT 4-4our chart<\/h4>\n
\"Polkadot<\/a>
Source: DOT\/USDT<\/a> on TradingView<\/figcaption><\/figure>\n

The 4-hour chart showed the extraordinary gains made by DOT after breaking past $5.2, a level that DOT lost to the bears in early December, reclaimed in mid-December, and lost once more.<\/p>\n

The strong bullish momentum for DOT saw a minor pullback to retest the $8 region as support before another move upward. This momentum hinted at an upside for DOT and a long position could be profitable for traders.<\/p>\n

Reasoning<\/h4>\n

The Relative Strength Index corrected from the overbought region and showed a value of 60 at the time of writing, which was strongly bullish. Analysis of shorter time-frames showed that the $8.25 level has acted as a support to DOT’s dip from $9.5, and the defense and subsequent ascent up the hourly and lower timeframe charts showed bullish momentum was rising once more.<\/p>\n

A retest of the $8.5 support is possible, while the psychological $10 would be the first target for bulls and will be a conservative upside target over the next few days. The Fibonacci extension level of 27% lies at $11.57 based on DOT’s move from the $4.58 swing low to the$9.51 swing high.<\/p>\n

Positions<\/h4>\n

Entry: $8.51<\/p>\n

Stop-Loss: $7.9<\/p>\n

Take-Profit: $10<\/p>\n

Risk-to-Reward: 2.44<\/p>\n

Conclusion<\/h4>\n

DOT has seen a brief pullback and re-established bullish momentum on the shorter timeframes while maintaining a healthy upward momentum on longer timeframes. The trading volume post-breakout has been strong and the $8 level has not faced significant pressure. The $8.2 region was defended by bulls and a close above the $8.5 level indicated a further upside was likely for DOT.<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past six days, Polkadot [DOT] appreciated by 82% from $5.2 to post a high at $9.51 and at the time of writing was trading at $8.52. It held the sixth rank on CMC with a market capitalization of $7.58 billion. DOT 4-4our chart The 4-hour chart showed the extraordinary gains made by DOTContinue reading “Polkadot Price Analysis: 02 January”<\/span><\/a><\/p>\n","protected":false},"author":31,"featured_media":134291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,44,18,66,3,4,20],"tags":[],"class_list":["post-134272","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-global-news","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nPolkadot Price Analysis: 02 January - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Over the past six days, Polkadot [DOT] appreciated by 82% from $5.2 to post a high at $9.51 and could be set to visit $10 in the coming days.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/polkadot-price-analysis-02-january\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polkadot Price Analysis: 02 January - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Over the past six days, Polkadot appreciated by 82% from $5.2 to post a high at $9.51 and at the time of writing was trading at $8.52. 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