Polkadot (DOT) bulls have had a tough week in running price action further up in DOT, as global market sentiment caused quite some headwinds. Bulls now try to push beyond 29.10 with the help of the exponential moving average 50 in the daily time frame. A break out of the triangle would push Polkadot price action toward 31.60. DOT price sees bulls now getting some favorable tailwind from the 55-day SMA, pushing price action in DOT against that same 29.10 level. Expect a pop higher in build-up momentum that will push price above the descending leg of the triangle.  Bulls will need to recalibrate their trades and positions with the new monthly pivot points and adjust their price targets a little bit. Expect market sentiment to possibly shift back to some positivity on Monday, forming a second tailwind for the bulls in DOT. Once 31.60 is broken to the upside, bulls should be able to fly higher, helped by those tailwinds, toward 37.0.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Polkadot (DOT) has reached 61.8% fibo retracement level again and our strong resistance zone while hovering below with a limited hawkish momentum on the relative strength index and MACD on the interday charts. Bears will not be fully stepping out of the way. Any other adverse events in global markets offer them an open window of opportunity to get in and squash price action in DOT to the downside. A retest toward 25.20 looks like the most likely target. In case markets go into panic mode and cryptocurrencies get shopped or reduced in the portfolios, expect a leg lower toward 20.50.

DOT/USD

Oct 03 2021