Price Analysis View Non-AMP

DOT Price Analysis: Back At The Base, Will DOT Price Reverse To Reach Breakout Velocity?

Published by
Sohrab Khawas

With the declining , DOT price falls drastically to form a descending triangle pattern in the 1-day chart. The minimal YTD growth in Polkadot is a result of this triangle pattern. 

The solid use case and development activities, with USD Coin from Circle soon to be available on Polkadot project a bullish future. 

Following the consolidation between $4.98 and $5.53, the DOT price action gives a bearish breakout to test the $4.29 mark. The plunge completes the negative cycle within the triangle and brings the possibility of a bullish reversal.

Supporting the bullish thesis, the DOT price action forms a double bottom pattern at $4.29 with strong lower price rejections. Moreover, the $4.29 support level has been critical in 2023 to provide crucial bounce backs and absorb the spike in supply inflow. 

Sharing a similar picture to the rest of the market, the daily RSI line displays a bullish divergence. However, the declining EMAs will prove to be an obstacle in the recovery rally. 

Despite a single-digit YTD growth, Polkadot sets a bullish launch to launch a moonshot. The positive cycle can rechallenge the overhead resistance trendline slightly above $5. 

Optimistically, if the reversal rally breaks above the triangle, the DOT price can jump to $6.30. 

On the flip side, a bearish breakdown of $4.29 will plunge the DOT price to $2.27.

Sohrab Khawas

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.

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