Polkadot is recovering from recent losses, but the cryptocurrency is still struggling to overcome its short-term resistance levels around $ 24,50.
The cryptocurrency market is still recovering from its recent slump, with Bitcoin up 4% and currently trading at around $ 40,000 per coin. Ether is also on the upswing, approaching the $ 3,000 mark again.
Polkadot is also recovering, with the cryptocurrency’s price up 9.5% over the past 24 hours. However, it is still struggling to overcome its short-term resistance level, which stands in the way of a rally. Still, some experts are optimistic about Polkadot’s long-term price potential.
Still standing by, peak high bull cycle prediction; # Bitcoin to $350,000-450,000# Ethereum to $10,000-17,500# Polkadot to $250-350# Chainlink to $250-350# Cardano to $10-20#Zilliqa to $5-7# Elrond to $500-750#SLIDE to $50-75
Some might be conservative.
— Michaël van de Poppe (@CryptoMichNL) May 26, 2021
DOT Price Forecast
Polkadot has been among the top performing cryptocurrencies over the past 24 hours, rising nearly 10% against the US dollar. However, DOT struggled to overcome the short-term resistance levels around $ 24,50.
If the DOT/USD pair breaks this resistance level, it would give the bulls the tailwind they need to target the next resistance at $ 28.58. With an ongoing rally, DOT could soon rise above $ 30. However, the cryptocurrency is currently still a long way from its all-time high ($50) of the beginning of the month.
4-Hour Chart DOT / USD. Source: Coinalyze
DOT’s technical indicators are still pessimistic. In the light of last week’s decline, however, this is understandable. Should DOT/USD fail to overcome short-term resistance and continue to trade around $ 23, speculators may see this as an opportunity for further bearish activity.
However, cautious sellers in the market with bearish prospects should wait for minor reversals upwards to activate their short positions. They could target support as a take profit plan. Should the bears regain control of the market, DOT could slip below the $ 20 mark.