12.5 C
March 24, 2023
BTC Hunts
Image default

Polkadot(DOT) Price to Skyrocket, but Only After a Minor Correction

The post Polkadot(DOT) Price to Skyrocket, but Only After a Minor Correction appeared first on Coinpedia Fintech News

The Polkadot price has recently dropped significantly and has been trading below a previously established range for some time. The recent effort leading to the bottom reversal pattern is anticipated to result in a swift rally. 

The DOT price reached a high of $24.00 before beginning to decline progressively. & later fell dramatically to the $6.85 support level. However, it bounced back, and then touched $11.86, resulting in a 72% price increase. Soon after, the bears gained control and drove the prices below the mid-point of 0.5, dropping them to $6.85. Prices briefly stayed at this level before falling to the $5.95 support level below the 6.85 level, which turned it into a resistance level under selling pressure.

Also Read: Polkadot(DOT) Price Gearing Up, May Leave Behind Top Giants Very Soon

The bears aggressively pushed the price below $7.78 as the bulls entered the market and drove it higher toward the mid-point of 0.5 at $9.35. Prices fluctuated between $6.85 and $7.78 for about a month before falling below $6.85 and hitting the $5.95 support level. The Polkadot was observed straying below the range twice and established a double bottom at $5.95, leading to a bullish scenario that predicted an increase of 82% to $11.86.

The first bullish indication, and most likely outcome, will occur when the Polkadot flips over the range bottom at $6.85. The price might retest the middle of the range, which is $9.35 and represents a 45% increase from $6.43.

Given that the Bitcoin price has no directional bias and is now undergoing a range tightening, investors are encouraged to keep an eye out for a potential sweep of the $5.95 level in order to accumulate the sell-stop liquidity before retesting $9.35.

A shift in the price of Bitcoin would sabotage the ideal bullish situation on Polkadot. Investors should thus pay close attention to the $5.95 level because a daily candlestick below it would result in a lower low, refute the hypothesis of a double bottom, and invalidate the bullish scenario, potentially causing the Polkadot price to drop to $5.46.

Related posts

Cardano(ADA) Price Set to Display an Interim Bounce Beyond $0.4, Will the Bulls Again Get Trapped?

David Bradley

Altcoin Season Is On The Horizon! These Altcoins May Print Impressive Bullish Momentum Soon!

David Bradley

Here’s Why Bitcoin Longs are Vulnerable to a Washout, Will This Impact the BTC Price?

David Bradley