Polkadot price movements are within a horizontal channel after surging by over 28% in the previous session. Notably, its movements are comparable to those of the leading cryptocurrency -Bitcoin.
On Wednesday, BTC rose from an intraday low of $54,195.61 to $58,523.93 earlier on Thursday. While it has since pulled back, it remains above the resistance-turn-support level of $56,000. According to CoinMarketCap, Polkadot price has surged by 14.94% over the past 24 hours. Besides, its market cap is up by 14.94%. its trading volume has also soared by 203.17% within a span of 24 hours.
Polkadot price prediction
DOT has eased below the resistance level of 42.50 after surging in the previous session. On Wednesday, the altcoin had its price soar by 28.33% from an intraday low of 33.54. Since the beginning of October, Polkadot price has risen by about 45.33%.
At the time of writing, the crypto was down by 2.93% at 40.42. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, I expect Polkadot price to find support along 40.00. Below that level, the bears may manage to push the price to along the 25-day EMA at 38.56 before bouncing back to the aforementioned support zone. On the upside, 42.50 will remain a key resistance level for the altcoin.