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June 16, 2024
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Bitcoin Flashes Bearish Signals While This Altcoin is Ready to Explode!

The post Bitcoin Flashes Bearish Signals While This Altcoin is Ready to Explode! appeared first on Coinpedia Fintech News

The crypto space is maintaining a choppy trend as the prices of the major tokens have been hovering within a very narrow range. Besides, one of the popular altcoins is displaying acute strength as it has been accumulating for the past few weeks. The Polkadot price is currently testing one of the crucial supports and is believed to rebound and reach a 2-digit figure soon. 

The Polkadot price, similar to the other tokens within the markets, has maintained a healthy upswing since the beginning of the year. After the remarkable drop, the price is now heading towards the critical levels that may offer a required bounce to rebound and rise above the bearish influence. 

Source: Tradingview

DOT price currently appears to be in a group of leaders who are primed to break out from the prolonged downward trend. After a 2-month rise, the Polkadot price surged by nearly 100% and quickly dropped into a deep consolidation for the 3rd month. Therefore, the DOT price cannot continue to fall until it holds the critical levels at $4.83. 

Moreover, if Elliot wave analysis is done on the current trade setup, then wave 2 is very close to completion. Therefore, the next wave could be an upward wave that may lift the price towards the upper targets at around $10 to $10.5 initially. However, an extended bullish trend may lift the price close to $12.30.

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