The post POLKADOT PRICE ANALYSIS & PREDICTION (June 28) – DOT Post 10% Gain But Faces Resistance After A Short Bounce appeared on BitcoinEthereumNews.com.

Amid a recent bloodbath, Polkadot DOT found a solid ground level and climbed back above the lost $6 level. It is currently facing a key resistance line on the daily chart. A break above this resistance should signal a buy. Last week saw Polkadot through an extension of a correction and the price further dipped to $5.4 this week, marking its lowest price level since last December. This level held as support and the price bounced. The bounce subjected bearish actions into a brief consolidation phase and the selling pressure cooled off for a while. A surge occurred and the price increased to a daily high of $6.38.  This surge, which marks the highest buying volatile session since its initiated second leg down late last month, signals a bullish footprint in the market. Currently, the asset is facing a descending resistance line, which has been suppressing bullish actions for a month. A break above this resistance could activate a huge surge in the next few days. Even if the price breaks through, it must increase well above the $8 level before we can confirm a market structure shift from a short-term perspective. While the trend is still much in favour of the bears, a dip below this week’s low could bring more drawdown in the market until it hits $4. DOT’s Key Levels To Watch Source: Tradingview If the bulls manage to push above the descending resistance line, their next line of interest would be $6.9 along with the $7.3 and $7.78 resistance. So far, the $6 and $5.4 levels are currently providing support on the daily chart. If these levels collapse as a result of a dip, the $4.85 support would be the next area of interest for the bears. Key Resistance Levels: $6.9, $7.3, $7.78 Key Support Levels:…

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Filed under: News - @ June 28, 2024 5:12 am