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A bullish reversal from the wedge pattern’s support trendline triggers a new bull cycle for the Polkadot price. Under the influence of this pattern, the buyers may drive the potential upswing to the overhead resistance. However, the $6 could be strong in between resistance to offset a bullish growth.
Key points:
- The DOT chart shows reversal signs at the pattern’s support trendline
- The daily-RSI slope nosedived into the bearish territory.
- The 24-hour trading volume in the Polkadot coin is $252.3 Million, indicating a 32.5% loss.
Source-Tradingview
Over the past six months, the crypto market faced multiple events, such as interest rate hikes, CPI data, and recently the FTX crypto exchange downfall. Though these events caused a drastic change in the major cryptocurrencies, the daily chart shows the Polkadot price has remained within a falling wedge pattern.
In theory, this technical setup is validated as a bullish continuation pattern that offers a significant bull run upon the breakout of the resistance trendline. However, amid the recent sell-off in the crypto market, the altcoin plunged back to the pattern’s support trendline.
Nonetheless, the Polkadot coin price rebounded from the support trend and surged 7.6% in the last three days. This bullish reversal also reclaimed a horizontal level of $5.75, and the lower price rejection candles showing sustainability above this level indicate a potential upswing.
Thus, a bull cycle within this pattern should ideally drive the prices back to overhead resistance in response to the bullish pattern. Thus, if the above theory turns out to be true, the altcoin should rise 16.75% from its current price of $5.76 and reach the $6.75 mark.
On a contrary note, a daily candle closing below the support trendline invalidates the bullish thesis.
Technical Analysis
MACD indicator: a bearish breakdown of MACD and signal line below the neutral line indicates the sellers acquire trend control.
Bollinger band: a retest to the indicator lower band suggests a high possibility for a bullish reversal.
Polkadot Price Intraday Levels
- Spot rate: $5.81
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $6.1 and $6.75
- Support levels- $5.75 and $5.49
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