Amid the market recovery, Polkadot’s price continues to increase as it slowly gathers momentum for a potential surge in volatility. Massive buying pressure should be expected in the next few hours.
While many top coins have surged to a month’s high, Polkadot is lagging and is yet to witness a massive price explosion. The price is still trading inside the descending channel over the last six months.
It is approaching the last December’s resistance, which Bitcoin and some major altcoins have recently surpassed in their various market structure. DOT is likely to mirror such a pattern if the price continues to rise in the coming days.
A considerable volume inflow is expected to take the price as high as $6.6 if a channel breakout occurs. This potential flip alone could set the price for a more massive rally. Inversely, a rejection at the test of the channel’s resistance could activate a downward movement in no time.
Despite the slow build-up, Polkadot continues reiterating the positive actions by the day and keeps charging higher. It has shown no sign of weakness and no chance of any selling at the moment. The price is up by $14 over the past week of trading.
Polkadot’s Key Levels To Watch Out For
DOT targets the $5.67 level, which is around the channel’s resistance. If the price increases, the level to watch above this channel is $6. The next one is around $6.66. A continuous rise could send the price to $7.4.
In case of a drop, there is nearby support at $5. The key support to watch for a rebound is the $4.6 level. A drop below it will bring the price lower to $4.23, where it regained momentum last month. A breakdown from here will signal a continuation of the long bearish sentiment.
Key Resistance Levels: $5.67, $6, $6.66
Key Support Levels: $5, $4.6, $4.23
- Spot Price: $5.4
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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