Is the Rally Still Intact?

2021-02-16 08:00:00

The Cardano and Polkadot prices have been on a slow and steady uptrend recently. The two have risen by more than 20% in the past seven days and 7% and 11% in the past 24 hours. ADA and DOT have a market cap of more than $27 billion and $26 billion, respectively, making them the fourth and fifth largest cryptocurrencies in the world. 

Polkadot price prediction 

In my recent article on Polkadot, I predicted that the price would soar to $25. I pointed to the bullish flag pattern that was forming during this time. 

This prediction turned out to be correct as the price surged to an all-time high of $30.

Turning to the four-hour chart, we see that the DOT price has surged above the 25-day and 50-day exponential moving averages. 

Also, the price has formed an ascending channel that is shown in black. In fact, the price is slightly below the upper side of this channel. 

Therefore, in the near term, there is a possibility that the Polkadot price will rise and test the upper side of the channel at about $33. If this happens, the price will then reverse and possibly retest the lower side at around $25.

DOT price chart

Cardano price prediction 

Last week, I warned that the Cardano price was likely to have a healthy correction. Indeed, that happened yesterday when the price dropped to $0.6880. This price was still above the $0.60 that I had predicted initially. 

On the four-hour chart, the price is struggling to move above the year-to-date high of $0.9827. Still, the price is above the ascending trendline. Therefore, in my view, the point to watch is $0.9827. If it moves above this level, we should not rule out a further upward momentum to $1.

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ADA price chart

Cardano Price

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