Polkadot Primed for a 20% Upswing, Will DOT Price Penetrate Through Pivotal Levels at $7?

By September 23, 2022Polkadot
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Midway through the month of June, the Polkadot (DOT) price dropped and fell below the range to hit the lower support level of $5.951. Further, a rebound broke the range of $6.854, reaching $7.78 before being rejected back to the support level at $6.854.

Previously, the prices soared past the $7.78 resistance level to reach the highs at $9.359. Later the prices fell below the $7.78 level, which had previously served as a support level but was now acting as a barrier.

The DOT then achieved the first support level at $6.854. Prices consolidated between the support level of $6.854 and the resistance level of $7.78 for over a month before dropping the range to the lower support level of $5.951, turning the range of $6.854 into a resistance level. As a result, prices fell by 38% between August and September.

The prices initially increased to $9.359 in mid-June undergoing a bottom reversal pattern, indicating a revival of the bullish trend. To validate the trend change in favor of bulls, the DOT must surpass the $7.78 barrier. With this rise, DOT will be able to retest the $9.35 midpoint of the range mentioned above and maybe continue the uptrend to $11.86.

In contrast, a lack of purchasing pressure will be apparent if the DOT fails to rise over the range low of $6.85. Investors could anticipate a decrease in DOT if the sellers take control.

While, if the DOT produces daily candlesticks close to $5.95, it will make a lower low and invalidate the double bottom’s bullish potential. The DOT could decrease to $5.5 as a result.

The $6.85 to $11.86 range may be observed very closely as the rise beyond these levels may attract the bull while a drop could ignite a bearish trend. Investors could expect the DOT to go up to the $7.78 barrier after reaching this short-term target, representing a 20% spike from the current price.

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