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?
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.
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