The post Polkadot’s $8.60 Retest: Could It Signal a Rally Toward $12.61 or a Drop to $4.15? appeared on BitcoinEthereumNews.com.

Polkadot’s price action has reached a crucial juncture as it retests the $8.60 support level, setting the stage for potential significant price movements. Recent trading patterns and market dynamics signal an optimistic outlook; however, the $8.60 barrier remains a focal point for traders navigating its volatility. “A successful retest could propel DOT towards $12.61, representing a substantial bullish move,” notes an analyst from COINOTAG. Polkadot (DOT) faces critical price action at $8.60—traders eye a breakout to $12.61 or a drop to $4.15, signaling a pivotal moment for the cryptocurrency. Historical Precedent and Price Targets for Polkadot The $8.60 level is more than just a number for Polkadot; it serves as a vital inflection point that has historically dictated the asset’s price trajectory. Pivotal retests at this mark have previously led to significant price rallies, including the notable surge above $50 in 2021. Conversely, the lack of support this year has reminded traders of the level’s critical importance, especially when recalling earlier losses resulting from failed retests. Source: X Should Polkadot secure its footing at $8.60, analysis predicts a potential leap to the next resistance level around $12.61—translating to a possible upside of over 100%. However, failure to maintain this support could signal a downturn, revisiting lows near $4.15. Metrics Indicating Bullish Momentum for Polkadot Currently trading at approximately $8.86, Polkadot has experienced a 4.40% increase over the last day, reflecting a broader upward trend of 16.97% in the past seven days. This momentum is confirmed by a robust trading volume of $1.03 billion, positioning DOT’s market capitalization at around $13.48 billion. Noteworthy metrics from Coinglass indicate an 8.74% rise in open interest to $499.25 million, alongside a notable 22.03% increase in trading volume, now reported at $915.97 million. Notably, the OI-weighted funding rate has remained positive since mid-November, aligning with…

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Filed under: News - @ November 30, 2024 11:11 pm