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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 29, 2023 07:11 UTC
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Polkadot Price Analysis: DOT Price Prepares To Bounce And Break The Triangle, Will It Reach $6.30?
DOT price action shows a bullish cycle starting in a descending triangle pattern.
Polkadot price prepares to form a morning star pattern in the weekly.
A potential triangle breakout will unleash the DOT price to $7.55.
Following the recent correction to $4.29, the DOT coin price finds footing at the base of the descending triangle. Making $4.29 a multi-contact support level, buyers are extremely confident of a bounce back within the triangle.
With a rounding bottom-like reversal, DOT price starts a positive cycle within the triangle pattern and may soon challenge the 50-day EMA.
The altcoins are teasing a bounce back with the recovery last night to give a bullish end to the consolidation phase. DOT price action displays a similar movement with the 2.45% jump overnight.
Currently, the DOT price trades at $4.61 with a Doji formation. However, an increase in buying pressure can draw out a green candle by the end of the day.
In the 1-week chart, Polkadot price prepares a second-morning star pattern at the crucial demand band at $4.29. Marking a third upcycle within the triangle, a bullish breakout is possible.
Supporting the bullish thesis, the weekly RSI line displays a long-coming bullish divergence at the $4.29 base.
Will DOT Price Reach $6.30?
With bullish reversal signals rising in multiple time frames, the DOT price may soon skyrocket to the resistance trendline. However, the Polkadot price must exceed the $5 mark for the trendline challenge.
With a potential breakout, the bullish rally will give Polkadot a chance to moonshot. The unleashed momentum can fuel the breakout rally to reach $6.30.
On the flip side, reversal within the triangle will retest the bullish dominance at the $4.29 support.
Yes 
No 
