DOT/USD quotes are trading at 16.87 and continue to move as part of the fall and the bullish channel. The moving averages indicate a short-term bearish trend for Polkadot. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop an increase in the value of a digital asset and a test of the resistance level near the 20.55 area. Where can we expect a rebound down again and a continuation of the fall of the Polkadot rate with a potential target below the level of 9.55.
Polkadot Weekly Forecast February 21 — 25, 2022
In favor of the decline in DOT/USD quotes, a test of the descending trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the coin’s fall option will be a strong increase in the value of the asset and a breakdown of the area on May 25. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 30.05. With the breakdown of the support area and the closing of quotes below the level of 14.65, we should expect confirmation of the development of the bearish trend in Polkadot and the price exiting the bullish channel.
Polkadot Weekly Forecast February 21 — 25, 2022 suggests an attempt to correct and test the resistance area near the level of 20.55. Where should we expect a rebound and a continuation of the fall of DOT/USD to the area below the level of 9.55. An additional signal in favor of Polkadot decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 25.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 30.05.
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