Analyzing Polkadot’s (DOT) Market Value: Is $9 the Next Milestone After Hitting Bottom?
- Polkadot’s price has been on a downward trend since March, but signs of recovery are emerging.
- Technical analysis shows the cryptocurrency testing the moving average, with potential for a rebound to $9.
- Sentiment analysis indicates the market may be forming a bottom, setting the stage for a possible price increase.
Polkadot’s price has been on a downward trend, but recent technical and sentiment analysis suggest a potential recovery. This article delves into the details, providing insights into Polkadot’s future prospects.
Technical Analysis of Polkadot’s Price
Polkadot’s price has been making lower highs and lows since being rejected from the $12 resistance level. The $9 mark has also been broken to the downside. The price is currently trading below the 200-day moving average, which is around $7.2. However, it is testing the moving average at the moment, following a rebound from the $6 support zone. If the market successfully climbs back above the 200-day MA, a recovery toward $9 would be expected in the coming weeks.
Zooming in: The 4-Hour Chart
On the 4-hour chart, Polkadot is currently consolidating inside an ascending channel above the $6 support level. The midline of the channel has been broken to the upside, and the price is likely to continue toward the higher boundary of the pattern in the short term. However, investors should be cautious as the RSI is approaching the overbough... Read the full article for FREE at COINOTAG!
