Published 6 hours ago
Over the past eight months, the Polkadot coin price has shown a series of lower high and lower low formations, indicating an established downtrend. A downsloping trendline showcased this evident downfall and acted as a key resistance that restricted bullish growth. However, with the new year recovery in the market, the coin price witnessed a V-shaped recovery from the $4.233 support. as a result, the DOT price rallied 60% since January and reached the current price of dollar 6.76.
Key Points:
- The $6.75 breakout will surge the DOT price 10% higher.
- A bullish crossover between the 20-and-100-day encourages buyers to reclaim the higher levels.
- The 24-hour trading volume in the Polkadot coin Inu coin is $1.09 Billion, indicating a 29.96% gain.
Source-Tradingview
Amid the ongoing recovery in the coin market, the price provides a massive break out from the aforementioned trendline on January 14th. This breakout must have released market participants from a selling-on-rally sentiment to buy-on-dips.
As a result, the Polkadot coin price prolongs its bullish recovery and currently challenges a local resistance of $6.75. if the daily candle manages to break above this horizontal resistance, the buyers will obtain another higher footing to continue to bull run.
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This potential breakout could carry the DOT price 10% higher to hit the $7.4 mark. However, as per the technical setup, each lower high performed during the downfall could be a potential target after the resistance breakout. Therefore, if the bull trend continues, the Polkadot coin will reach the $8, $9.76, or $11.8 mark.
Technical Indicator.
Bollinger Band: the DOT price is constantly hitting the indicator’s upper band, suggesting the buying pressure is aggressive for the given time. Therefore, a minor consolidation or pullback could stabilize the prices for further growth.
RSI: Amid the rising price action, the daily-RSI slope reverted from the oversold region, indicating intensity buying is getting stabilized.
Polkadot Coin Intraday Price Levels
- Spot price: $6.67
- Trend: Bullish
- Volatility: Low
- Resistance level- $6.75 and $7.37
- Support level- $5.6 and $5
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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