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Polkadot is enjoying a strong bull run with its price breaking past the major resistance level at $40 and surging to an all-time high of $47 before easing lower. At the time of writing, DOT/USD is trading at a little above $44.
The Easter weekend saw increased trading activity in Polkadot, driving its uptrend even as other cryptocurrencies like Ripple and Stellar also climbed higher over the past few sessions. After hitting its ATH and retreating, DOT/USD is likely to encounter its next immediate resistance at $45 and then at its peak of $47 which was rejected previously.
A move towards the $50 level will prove tricky for this digital currency as technical analysis indicates scope for sideways trading, which could potentially hold back further bullishness. There appears to be a strong possibility that once it breaks past $47, Polkadot could see its price consolidate between $48 and $50.
Meanwhile, a break below the current $44 level where the price is holding for now could see DOT’s price fall all the way down to $40 where it encounters strong support. However, if this support level fails to hold, increased selling pressure in the market could very well trigger a downfall all the way to $36 and possibly even $30 in the coming sessions.
Polkadot’s fundamentals remain strong, however, with increased interest in adopting this blockchain network. Last week, blockchain development company Enjin raised almost $19 million to build a blockchain network based on Polkadot focused on NFTs.
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