The crypto market has tanked after a convincing run for the last couple of days. Bitcoin price has again slipped below $50K and ETH below $4K. In tandem with this, most altcoins on the chart are trading in red. MATIC, ATOM, FTM are leading the losers race as of now.
DOT Price Action
At the time of writing, DOT price is trading at $29.08 down by 6.6% in the last 24 hours. The token reversed from the support at $26.3 and started a rally. The coin was rejected by the strong resistance from the $33 mark, and it fell to the lower support of $28.
The resistance on the upside is at $31. Traders can expect some consolidation around $31, and the next hurdle would be to surge beyond $33.85.
However, in case of a further drop, the strong support zone is at $25 followed by $22.6.
As for the technical indicators, the RSI is valued at 48 indicating a neutral sign. However, the moving averages indicate a sell signal as 9 of 15 parameters indicates sell.
What’s Ahead For Polkadot (DOT) Price in 2022 ?
As the year 2022 approaches, popular crypto expert Benjamin Cowen has identified some realistic expectations for Polkadot (DOT). Cowen examines Polkadot in its Ethereum pair (DOT/ETH) in a new strategy session to assess its strength as an altcoin.
According to Cowen, DOT at least fluctuates in value against Ethereum, unlike many altcoins, which tend to hemorrhage down over time.
He opines that the fundamental criterion for a good altcoin now is that it is an oscillator versus Ethereum on a macro scale. So there’s still a chance that DOT could be an anti-ETH oscillator, but it’s too early to tell.
While DOT’s price performance hasn’t been as noteworthy as it could have been in early 2021, the analyst believes the interoperability chain will eventually build a bullish structure in the long run. New all-time highs, according to Cowen, might be achieved in the first or second quarter of next year.
“…we generally are putting in higher lows. Really, this seems to be culminating with a slow uptrend up to around the $50 to $60 range…”
He is hoping that DOT continues to rise, and that by the end of 2022, it will have broken out to new all-time highs.