NewsletterDOT Price Analysis: Post-retest Rally Aims For 25% Jump; Buy Now?
The $8.85 breakout rally aligned with decreasing volume indicates a loss of bullish momentum. Thus, a retracement to this breach resistance is plausible, which may offer a suitable launchpad for buyers to resume the ongoing recovery. Anyhow, Under the influence of a rounding bottom pattern, the DOT price should rise to the $11.8 mark.
Key points:
- The DOT price faces supply pressure at a 100-day EMA
- A potential pullback may plunge the DOT price 6.5% down to retest $8.85
- The 24-hour trading volume in the Polkadot coin is $385.7 Million, indicating a 26% loss.
Source-Tradingview
The DOT/USDT pair showcases a remarkable increase in demand near the $6.50 horizontal zone resulting in a bullish turnaround. Moreover, the recent reversal starts with a morning star pattern on July 27th, resulting in a price jump above the 50-day SMA and challenging the 100-day average line.
The bullish turnaround exceeds the $9 mark and accounts for a 41% price jump within three weeks. However, the high price rejection candles near the 100-day SMA project a potential bearish retracement to test the supporting curve.
However, the $8.8 breakout has the potential to reach the $10.4 resistance of if the DOT buyers beat the selling pressure at the 100-day EMA. Additionally, the bullish breakout of the overhead resistance might unleash the trapped bullish momentum and complete the rounding bottom pattern and reach the neckline at $11.88.
Conversely, a bearish reversal from the 100-day EMA cracking below the supporting curve will retest the crucial support level of $6.50.
Technical Analysis
EMAs: A bullish crossover of 20-and-50-day EMA gains a bullish spread, increasing the likelihood of an uptrend continuation. However, the high selling pressure at the 100-day EMA remains a crucial bearish milestone in the technical chart.
RSI indicator: the daily RSI slope sustains about the 14-day SMA in the nearly overbought zone, struggling to rise above the overbought boundary.
- Resistance levels- $10.5 and $11.8
- Support levels- $8.81 and $7.87
- Breaking: Canary XRP ETF Gets Approval with 8-A Filing to List on Nasdaq
- New Draft Crypto Market Structure Bill: Everything You Need to Know
- Uniswap Launches UNIfication to Overhaul Governance Model: Report
- Vivek Ramaswamy’s Strive Acquires $162M in Bitcoin, Surpasses Galaxy Digital in BTC Holdings
- Bitcoin News: BTC Exchange Reserves Fall as Tether Mints $1B USDT
- SUI Price Eyes $20 Amid Bluefin Partnership and 2M Token Lending Deal
- HBAR Price Prediction: Analyst Eyes 90% Surge Amid Taker Buy Dominance
- Expert Predicts 200% Shiba Inu Price Surge as Open Interest, Burn Rate Spikes
- Solana Price Eyes $200 This Week as Spot ETFs Lead $137M Inflows
- Pi Network: What’s Keeping Pi Coin Price $0.30 Below?
- What to Expect from Dogecoin, Shiba Inu, Bitfrac and Cardano Prices Now?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
