With $355 million in trading volume, Polkadot’s price anticipates a positive breakthrough to $10

By November 8, 2022Polkadot
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Polkadot price recovers in a rising channel with immediate support at $6.80.
A purchase signal from the Super Trend indicator supports the positive view of the DOT price. As the volume rises 12% to $355 million, day traders see a potential DOT price rebound to $10.00.

The present situation

After bulls yielded to pressure from above at $7.15, Polkadot's price (1) generated a bearish candlestick. Despite this retreat, the value of DOT is still 20% higher than its most recent key support, just around $5.80. Trading activity across exchanges reached $355 million during the previous 24 hours, an increase of 12%.

This demonstrates that bulls are prepared to fend off negative gains from early profit-taking. If the $6.80 level of immediate support continues, DOT may easily extend its leg to $10.00.

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Polkadot pricing confirms the upward trend toward $10

The price of Polkadot remains within an upward channel that it has maintained for a little over two weeks. The intraday correction was stopped from erasing the majority of the gains accumulated over the previous two weeks by the channel's main throughline.

As bulls concentrate on printing a bullish 12-hour to daily chart candlestick above the rising channel's middle line support at $6.80, DOT currently sags at $7.05. The possible barrier around $7.15, which is now causing buyers nightmares, must be considered by traders. Therefore, to trigger buy orders for profit booking at $7.50, $8.00, and $10.00 levels, you must wait until the Polkadot price makes a clear break over the obstacle.

After providing a purchase signal in the same 12-hour time window, the Super Trend indicator supports the bullish view. The indicator uses the true average range (ATR) in its computations to determine market volatility and overlays the chart like a moving average. Traders may use this indicator to validate the strength of an ongoing trend. For instance, the buy signal for Polkadot indicates that bulls are in control and that the price is expected to continue going higher. On the other side, if DOT fails to complete the day above support at $6.80, short-term sell bets might benefit immediately. The exit points for traders shorting Polkadot are $6.40, $6.00, and $5.80, respectively.

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