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Polkadot Price Prediction: Amid the renewed buying interest in the crypto market, the Polkadot price has showcased its sustainability above the $6 psychological level. Within a week, the coin price has gained nearly 20% to currently trade at $7.17. Will this reversal following a constructive pullback assist DOT price to regain the $10 mark?
Failed Breakdown Below Key Support Sets DOT For Higher Recovery
- The increased demand pressure at $6 reflects the market participants continue to accumulate this asset at dips(discounted price)
- The rising coin price will face strong resistance at $7.8, $8.58, and $9.6
- The 24-hour trading volume in the Polkadot coin is $294.4 Million, indicating an 82% gain.
Since late December 2023, the Polkadot coin has witnessed a sharp downfall, with its price declining from $9.59 to $5.97. This 37.6% pullback evaporated nearly 50% gains of 2024 4th quarter and broke below the neckline support of a Head and Shoulder pattern.
The H&S pattern commonly seen at the market top reflects an upcoming correction trend and aggressive selling pressure. However, as the leading cryptocurrency Bitcoin showcased its sustainability above $40000, the DOT price was revered swiftly and reclaimed lost ground.
This failed breakdown could lead to forced liquidation for the short position trade and pour additional buy orders into the market. By the press time, the DOT price was at $7.158 with an intraday gain of 4.16%.
If the new relief rally manages to breach the overhead resistance trendline, the buyers will gain additional confirmation that the correction trend ended. The post-breakout rally could bolster buyers to chase a potential target of $8.58, followed by $9.6.
If the expected rally recovers half of the correction trend at $7.8 by mid-February, the likelihood of reaching $10 could increase markedly.
Technical Indicators
- Bollinger Band: the DOT price surge above the midline of the Bollinger band indicator will offer additional confirmation on bullish trade.
- Vortex Indicator: The VI+(blue) and VI- (pink) slopes nearing a bullish crossover state the buyers are regaining control over this asset.
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