POLKADOT PRICE ANALYSIS & PREDICTION (February 9) – DOT Slowly Picks Up As Explosion Underways, Where Next?
Following recent price recovery across the crypto space, Polkadot DOT increased by 8% in three weeks but appeared to be struggling with volatility. However, it remains strong on a weekly scale and looks set to claim more highs.
Most altcoins have stayed in the shadow of Bitcoin’s bounce lately as they find it difficult to recover well over the past few days.
DOT has struggled with volatility since it bounced off the $6 level in late January. Although, things are still looking good as buying volume slowly increases. The bulls appeared to be stepping back in the market.
However, some important resistance levels must be reclaimed for the buying to resume at full speed. The latest build-up suggests that a surge in volatility is around the corner. Positive actions should be expected.
Currently, DOT is plotting a fresh bullish pattern from a short-term perspective. If the bulls continue to gain control daily, we can expect a new rally to the upside as the volume level rises.
It is important to note that the latest price recovery came as a relief from the past month’s drops. If the bears step back again to release more pressure, the suspended correctional phase would resume in no time.
DOT’s Key Levels To Watch
Source: Tradingview
The key target resistance level for buying right now lies at $7.3. If DOT surpasses this key resistance, the next level to watch for an increase would be $7.85, followed by $0.858 and $9.6 – a key resistance level for a breakup.
The $6.6 and $6 levels are key supports to watch for a potential sell. Losing these levels could result in a serious breakdown to the $5.5 support and maybe $4.83 to confirm a bearish continuation.
Key Resistance Levels: $7.3, $7.85, $8.58
Key Support Levels: $6.6, $6, $4.83
Spot Price: $7
Trend: Bullish
Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Filed under: Bitcoin - @ February 9, 2024 9:17 pm