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”MoonVember” kickstarts on a quiet note for the cryptocurrency market. Polkadot (DOT) bulls have launched out in preparation for a big week in terms of major milestones for the Polkadot ecosystem. At the time of post, DOT was exchanging hands at $48.41, up 13.23% in the last 24 hours and 9.77% weekly. The Polkadot network announced on November 1 that the motion to enable parachain registration and crowd loans has passed Polkadot’s council and gone to a public referendum. This implies that Parachain teams will be able to register their parachain and open their crowd loan on Nov. 4 if the motion passes. The Parachain auction process, an important milestone in realizing Ethereum co-founder Gavin Wood’s vision for an interconnected blockchain framework is slated to begin on Nov. 11. This week will also see DOT token holders vote on the future of the blockchain’s logo and brand assets. The Voting which is now live will reportedly close on Nov. 5.
Resistance Levels: $60.00, $55.00, $50.75
Support Levels: $45.22, $41.03, $35.66
DOT/USD Daily Chart: Bullish
DOT/USD Daily Chart
After a brief consolidation, DOT/USD shifted into a higher gear, simultaneously thrusting above the $46.07 barrier to touch the $50 mark on Nov. 1. The short-term oscillators are favoring the upside with the RSI improving within the bullish territory, while yet to confirm overbought conditions. If buying interest persists, immediate resistance could originate from the $50 mark before the bulls aim for the $60 and $70 handles.
On the other hand, if the price recoils below the $40 psychological level towards the recent range low at $38, a vital support zone could develop from the $37 mark until the MA 50 at $36.45. Polkadot remains in an ascending trend pattern, taken from July 20 lows of $10.35 from which it has rallied nearly 400%.
DOT/USD 4-Hour Chart: Bullish
DOT/USD 4-Hour Chart
DOT/USD found new buyers above the MA 50 at $43.18, advancing its bullish impulse towards a fresh high of $50.09 on Monday. The buying appetite in the market drove the RSI towards the overbought area, though the indicator showed no signs of faltering yet. Currently, the price seems to be facing some downside pressures near the $50 level. If the bulls claim that number, the way will open towards the $60 and $70. Higher, the rally may target the $100 mark.
On the downside, initial limitations could occur near $46.40, a break of which could see some consolidation near the MA 50 at $43.80. Slightly lower, the $38.83 low and the nearby MA 200 at $38.42 may be another key spot to watch. Summing up, DOT/USD continues to strengthen its positive outlook following the creation of a bullish inverse head and shoulders pattern. Alternatively, a mild retracement will present buy opportunities for the present rally to progress.
