Polkadot DOT price completing the formation of "Double bottom" ?

Jul 3, 2023

Today's idea will be described based on the assumption that the DOTUSDT price has been forming a global trend reversal through "the Double Bottom" pattern for the past six months

Looking at the chart, we can say that DOT was actively bought around $4 in early 2023, in June 2023, and in the fall of 2020 just before the start of the bull run.

However, at the moment, the DOTUSD price has rebounded from "the bottom" relatively weakly, so buyers still have a lot of work ahead of them.

1. The first stage of the struggle between buyers and sellers may start around $6
2. The second stage, which is probably the most difficult, is to break through and fix the price of the Polkadot token above $8
3. The third stage is the daily dynamic growth of the DOT price in the range of $8-15. On the growth, on increased trading volumes, the "big money" will sell at least part of their DOT stocks, and the "little money" will buy and buy them. Why? Maybe because there will be a new series of news about the latest super application of parachains from Polkadot or something like that)
   

However, it will take at least a few more months for our rather optimistic assumptions described above to come true.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more