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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.
- Oct 31, 2023 06:20 UTC
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DOT Price Analysis: Steady Retest In DOT Eyes $6 Upon Success!
DOT price action shows a bullish breakout of a long-coming resistance trendline. Â
Polkadot price rises above the $4.50 mark and teases a prolonged uptrend upon retest.Â
A successful post-retest reversal can reach $6 if it exceeds the $5.57 supply zone.
Despite the triangle pattern breakout, the DOT price reclaimed bullish momentum as the overall market started bouncing back. Forming a double bottom reversal from the $3.56 mark, Polkadot price overcomes multiple bearish spots.
Rising above the crucial 50-day EMA, the uptrend gains momentum and reclaims the $4 mark, reflecting solid demand for Polkadot. With the sudden increase in demand, the Polkadot price prediction teases a bullish conclusion for 2023.
The reversal rally in the DOT price trend bounces above the short-coming resistance trendline to surpass the dynamic resistance of the 50-day EMA. Moreover, the rising trend momentum helps Polkadot rise above the triangle pattern.
Concluding the long-term trend of lower high formations, the DOT price retests the bullish breakout of the descending triangle. Further, the price action displays a potential rounding bottom breakout with a neckline at $4.70.
Currently, the DOT price trades at $4.52 as it forms a Doji candle to retest the broken trendline. Moreover, the uptrend approaches the 200-day EMA as it bounced by 24% in the last two weeks.
Technical Indicators:
MACD indicator: The MACD and signal lines reflect a positive trend with a rising motion in bullish histograms. Therefore, the momentum indicator supports the buyers’ side and hints at an uptrend continuation.
EMA: The rising 50-day EMA teases a bullish crossover with the 200-day EMA to reclaim positive alignment. Further, the rising trend in DOT price increases the chances of a golden crossover.
Will DOT Price Reach $6?
With the high-speed short phase of recovery earlier the past two weeks, the DOT price reclaims the $4.50 mark. With the triangle breakout and reclaiming crucial levels, the chances of a $4.70 breakout increase.
If the rounding bottom reversal occurs, the altcoin price may shoot higher to $6, provided it exceeds the $5.57 supply zone. On the flip side, a reversal will challenge the 50-day EMA and may hit the $4 mark.
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