Polkadot Price Prediction: DOT Price Sees 12% Rise if Buyers Hold this Key Support, But There’s More
Polkadot Price Prediction: In the daily time frame chart, the Polkadot price shows the formation of an inverted head and shoulder pattern. This famous trend reversal pattern is often spotted at the market bottom and offers early opportunities to go long. Amid the ongoing selling in the crypto market, the coin price is still shaping the third portion of the pattern, trying to sustain at higher chart levels. Here’s how this pattern may further influence the future trend of DOT prices.
Key Points:
- Completion of the inverted head and shoulder pattern could drive the DOT price 80% higher than the current price
- A potential bearish crossover between the 20-and-50-day EMA may prolong the current correction phase
- The 24-hour trading volume in the Polkadot coin is $165.5 Million, indicating a 49% gain.
Source-Tradingview
On April 18th, the Polkadot price turned down from the long-coming resistance trendline of an inverted head and shoulder and triggered a new correction phase. As a result, the coin price tumbled 16.9% to plunge to local support of $5.76-$5.66.
The negative sentiment in the market might have created this slight detour, but until the prices show sustainability above the $5.76 or $5.3 support, the bullish setup will remain intact. By the press time, the DOT price traded at the $5.9 mark but the lower price rejection candles observed in the last few days projects a higher possibility for price reversal.
Also Read: Top Crypto Copy Trading Platforms For 2023
This potential reversal may push the price 12% higher to hit the aforementioned resistance trendline. Under the influence of this pattern, the buyers should eventually breach this dynamic resistance.
In an ideal bullish scenario, a breakout above the trendline may set the DOT price for an 80% rally to hit $10.8.
Technical Analysis
Bollinger Band: the DOT price wavering at the lower band of the Bollinger band indicator increases the possibility of a bullish reversal.
RSI: The daily RSI slope took a sharp dive into the bearish territory indicating a negative sentiment in the market.
- Resistance levels- $6 and $6.6
- Support levels- $5.6 and $5.3
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
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.
