Digital Art of Polkadot Logo Symbol. Cryptocurrency Futuristic 3D Illustration. Crypto background
Polkadot price corrected marginally on Thursday from Wednesday’s new all-time high of $54.8. At the time of writing, DOT was trading at $53.41. Nonetheless, this was still a marginal gain of 0.13% over the price set 24 hours earlier. This raises the prospect of another ATH in the near-term.
DOT has been on the uptrend since Monday, after breaking out of a range that lasted nearly 3 weeks. Heading into next week, Polkadot is likely to make more gains. This is because more investors are expected to troop in in expectation of successful parachain auctions.
The latest upsurge is welcome news for Polkadot. This is because it is coming in the wake of Solana’s aggressive rise past DOT in the crypto market capitalization ranking. That move has seen Solana steal the limelight as the most likely of the “Ethereum killers” to topple Ethereum from the second position.
Polkadot price pattern has recently formed a cup with a handle pattern. The DOT/USD pair has been heading upwards over the past four days, after breaking out to form a “handle”. With the RSI having risen steadily from 56 to 71 over that period, the momentum seems strong enough to support further gains. In the near term, the next resistance will be the all-time high at $54.41.
However, considering that the current RSI denotes that DOT has been overbought, it is probable that the price could head down. If that happens, then the first support is likely to be established at $44.47. If it breaches that point, the next support is likely to come at $41.69.