DOT price is higher with significant gains on Saturday. The price opened higher and quickly recovered to test the session high at $18.69. However, the trading volume is supporting the current price action with more than 10% gains.
DOT price extends the gain from the previous session on Saturday. More profit if the EMA closes above 50 days at $19.42. The price could shoot towards its ultimate target of $22.0.
At press time, DOT/USD is trading at $18.58, up 4.85% for the day.
DOT continues north
Source: Trade View
On the daily chart, DOT price is reaching higher highs after record lows of $14.06. The price rose 45% to the swing highs of $19.57 and then returned to the recent lows around $16.01.
The DOT price has to face the 50-day EMA (exponential moving average) of $19.32 and pierce it to hit the first upward target of the $20.0 psychological level.
Investors need to hold onto buying momentum to fuel the upward rally. Next, market participants will revisit the $23.21 highs on Feb. 8 at $23.21.
Alternatively, if the price dips below the session level with a sell order spike, sellers will gather liquidity near the March 7 lows at $16.01.
DOT has been in a continuous downward trend since record highs in December, depreciating nearly 65% in February. Investors should flip the pivotal $18.50 level to maintain upward momentum.
Technical indicators:
RSI: The daily relative strength index has been above the average line since Feb. 24 and has continued to rise. Currently, it stands at 51 with a positive bias.
MACD: The moving average convergence divergence is hovering below the midline but with a bullish tilt. There will be more buying opportunities as they rise above the central line.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post DOT Price Forecast: Face Upside Risk of 22% from Current Levels; Is it time to buy?
was published first on https://coingape.com/markets/dot-price-prediction-face-upside-risk-of-22-from-current-levels-is-time-to-buy/
