The post POLKADOT Price Analysis 9-27: Is DOT’s 6-Month Long Correction At An End? appeared on BitcoinEthereumNews.com.

Polkadot (DOT) has continued its upward trajectory as it inches towards a critical resistance level at $5. A breakout above this level could spark a major rally for the cryptocurrency, which has been in a downward trend for almost six months. Analysts believe DOT is on the verge of a breakout after several indicators, such as the formation of a falling wedge pattern and bullish divergence on several indicators, suggesting a possible rally. The Polkadot (DOT) Price Chart Looking at the Polkadot (DOT) price chart, we can see that DOT has been quite bullish all week after ending the weekend in the red. Monday saw DOT register a sharp jump of 3.48%, which allowed it to go above the 50-day SMA and settle at $4.46. Bullish momentum persisted on Tuesday as DOT rose by just over 4% to go past the crucial $4.50 level, a level it struggled to surpass, and settle at $4.64. Volatility increased on Wednesday as sellers attempted to drive DOT back below $4.50. However, buyers could counter the selling pressure, ensuring DOT remained at $4.64. With overall market sentiment turning positive on Thursday, DOT rallied as well, registering an increase of almost 4%t to move within striking distance of $5 at $4.81. Source: TradingView The current session sees DOT up by 1.46% and trading around the $4.90 level. Buyers have already tested the $5 level once, as seen in the chart, but sellers are holding on for now. DOT’s MACD and RSI are also bullish, as seen in the price chart, further lending credibility to the possibility of a breakout above $5. Looking Under The Hood Let’s examine some key indicators to understand DOT’s price movements. If we consider the bigger picture and study DOT’s chart, we will see that it reveals a falling wedge pattern.…

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Filed under: News - @ September 27, 2024 11:27 pm