Polkadot Primed for a 20% Upswing, Will DOT Price Penetrate Through Pivotal Levels at $7?
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In mid-June, Polkadot (DOT) price declined and fell below the range, reaching the lower support level of $5.951. Further, the rebound breached the $6.854 range to reach $7.78 before rejecting back to the support level at $6.854.
Earlier, prices rose above the $7.78 resistance level, reaching a high of $9.359. Later, prices fell below the $7.78 level, which had previously served as a support level, but now acted as a barrier.
The DOT then reached the first support level at $6.854. Prices stabilized between the $6.854 support level and the $7.78 resistance level for over a month before dropping the range to the lower $5.951 support level, turning the $6.854 range into resistance. As a result, prices fell by 38% in August-September.
Prices initially rose to $9.359 in mid-June, going through a bottom reversal pattern, indicating a resumption of the uptrend. For the trend change in favor of the bulls to be confirmed, the DOT needs to break above the $7.78 level. With this rally, DOT is able to retest the $9.35 midpoint of the above range and perhaps continue the uptrend to $11.86.
Conversely, a lack of buying pressure will be evident if DOT fails to break above the lows of $6.85. Investors can anticipate a decline in DOT if sellers take control.
While the DOT produces daily candlesticks near $5.95, it makes a lower low and negates the upside potential of the double bottom. As a result, the DOT may drop to $5.5.
The $6.85-$11.86 range can be watched very closely as a rise above these levels could attract bulls, while a drop could ignite a downtrend. Investors can expect DOT to reach the $7.78 mark after meeting this short-term target, which represents a 20% spike from the current price.
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