Polkadot Price Analysis: A Bullish Reversal For DOT Price Underway? Will It Regain $4 Soon?
The post Polkadot Price Analysis: A Bullish Reversal For DOT Price Underway? Will It Regain $4 Soon? appeared first on Coinpedia Fintech News
The crypto space had witnessed a consolidated weekend, indicating price stability in the market. As the cryptocurrencies were on the verge of making a positive move, the industry experienced a fall in its value today.
The DOT price was seen trading in a consolidated range of $4.016 and $4.123 since the start of September. The Polkadot price made multiple attempts to break down the support level but could not as the bulls managed to hold the price strong.
Following this, the Polkadot coin gained bullish momentum and broke out of the resistance level. The price further continued to climb and breached its upper resistance level of $4.224, after which the coin was rejected at $4.324.
After this, the DOT coin lost momentum, resulting in the price breaking down multiple support levels and leveling all its gains. The Polkadot price was once again seen trading in the same consolidated range.
The market recently lost momentum, due to which DOT price broke the support level of $3.920 and is presently hovering close to its crucial support at $3.846.
The RSI has been trading below the mid-point since the start of the month. Further, the DOT coin recently plunged below the oversold range, indicating a massive price action in the market, but the chart has also displayed a minor pullback, indicating a possibility of a trend reversal soon.
Will The DOT Price Go Back Up?
If the bulls manage to regain power and push the Polkadot price above its resistance level of $3.920, then the price will regain momentum and prepare itself to test the upper resistance of $4.016.
Further, if the Polkadot bulls manage to hold the price above that level, then the price will make a run and test its resistance level of $4.123 this week.
On the contrary, if the market does not gain momentum and fails to hold its price above the support level of $3.846, then the price will continue to fall and will be bound to test its crucial support level of $3.720 soon.
Filed under: Bitcoin - @ October 9, 2023 1:19 pm