Polkadot price is hovering around $52.50 after reaching a new record-high of 54.50 on Wednesday. Since the beginning of the month, the altcoin has risen by 25%. In comparison, the leading cryptocurrency -Bitcoin is less than 1% higher than where it began in November.
During the same timeframe, Ethereum, which is the top altcoin, has risen by 5.55%. According to CoinMarketCap, Polkadot’s trading volume has dropped by 11.37% over the past 24 hours. In the crypto market, it is ranked 8th and has had its price rise by 3% within a span of 24%.
Polkadot price prediction
DOT has eased along the support level of 52.50 after dropping below the psychological level of 50 in the previous session. On Wednesday, it hit an all-time high of 54.50 before pulling back. Since the beginning of November, it has surged by about 25%.
At the time of writing, Polkadot price was down by 0.56% at 53.04. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the short term, I expect the altcoin to trade within a range of between the record high of 54.50 and along the 25-day EMA at 51.62. A move below the horizontal channel’s lower border will have the bulls defending the crucial resistance-turn-support level of 50. On the upside, breaking out of the resistance zone of 55 will yield an opportunity for the bulls to surge further towards the higher target of 60.
