Fast Recovering Polkadot Coin Eyes 10% Jump In Near Future, Buy Now?

Jan 23, 202321:10 UTC

Over the past eight months, the Polkadot coin price has shown a series of lower high and lower low formations, indicating an established downtrend. A downsloping trendline showcased this evident downfall and acted as a key resistance that restricted bullish growth. However, with the new year recovery in the market, the coin price witnessed a V-shaped recovery from the $4.233 support. as a result, the DOT price rallied 60% since January and reached the current price of dollar 6.76.

Key Points:

The $6.75 breakout will surge the DOT price 10% higher.
A bullish crossover between the 20-and-100-day encourages buyers to reclaim the higher levels.
The 24-hour trading volume in the Polkadot coin Inu coin is $1.09 Billion, indicating a 29.96% gain.

Source-Tradingview

Amid the ongoing recovery in the coin market, the price provides a massive break out from the aforementioned trendline on January 14th. This breakout must have released market participants from a selling-on-rally sentiment to buy-on-dips.

As a result, the Polkadot coin price prolongs its bullish recovery and currently challenges a local resistance of $6.75. if the daily candle manages to break above this horizontal resistance, the buyers will obtain another higher footing to continue to bull run.

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This potential breakout could carry the DOT price 10% higher to hit the $7.4 mark. However, as per the technical setup, each lower high performed during the downfall could be a potential target after the resistance breakout. Therefore, if the bull trend continues, the Polkadot coin will reach the $8, $9.76, or $11.8 mark.

Technical Indicator.

Bollinger Band: the DOT price is constantly hitting the indicator's upper band, suggesting the buying pressure is aggressive for the given time. Therefore, a minor consolidation or pullback could stabilize the prices for further growth.

RSI: Amid the rising price action, the daily-RSI slope reverted from the oversold region, indicating intensity buying is getting stabilized.

Polkadot Coin Intraday Price Levels