DeFi Index Reaches New ATH — Will DOT Follow Suit?

2021-5-3 19:55

Polkadot (DOT) has been moving upwards, since bouncing at the $28.30 support area on April 23.

DOT is expected to continue moving upwards and eventually reach a new all-time high price.

Daily DOT Movement

DOT has been moving downwards since April 1, when it had reached an all-time high price of $48.36. The same day, it created a shooting star candlestick and dropped. 

The downward movement continued, until DOT bounced at the $28.30 support area on April 23. It has been moving upwards since. 

Currently, it is trading right at the $40 resistance area, which is created by the 0.618 Fib retracement resistance level. The next resistances are found at $48.40 and $61.70, respectively. 

Technical indicators are bullish, supporting the continuation of the upward movement. The MACD has given a bullish reversal signal. Both the RSI & Stochastic oscillator are increasing, the former having just crossed above 50. 

Therefore, the token is expected to successfully break out from the $40 resistance area and move towards a new all-time high.

Chart By TradingView Wave Count For DOT

Cryptocurrency trader @Altstreetbets outlined a DOT chart, stating that it is likely to move to a new all-time high price near $60.

Chart By TradingView

The wave count does indicate that the movement since March was a completed flat correction, likely as a part of wave four. If correct, it would indicate that DOT has now begun wave five. 

The most likely target for the top of the movement is found between $61 and $65. It is found using an external retracement and Fib projection.

Afterwards, the next most likely resistance area would be found at $84.

Chart By TradingView DeFi index

The DeFi index has been increasing since April 18. On May 3, it managed to reach a new all-time high price of $3,650. 

Furthermore, technical indicators support the continuation of the upward movement.

Similarly to DOT, we can use an external Fib retracement to find the next closest resistance areas. They are located at $4,319 and $5,620.

Chart By TradingView

To conclude, DOT is expected to continue increasing and eventually reach a new all-time high price. A potential target for the top of the move is found between $61 and $65.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

The post DeFi Index Reaches New ATH — Will DOT Follow Suit? appeared first on BeInCrypto.

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