Polkadot Price Breaks Out Of Its Important Level! DOT Price Hints A Jump Of 20%?

After trading sideways for about a week, the Polkadot price breaks out of its resistance level, indicating a bullish influence in the crypto industry. On the other hand, the DOT token has recorded a loss of over 19% this month, highlighting a mixed sentiment in the market.

The Polkadot price traded in a closed range between $8.141 and $8.707 for a brief period, following which the bulls lost power and the DOT price experienced a correction of approximately 12%.

TradingView: DOT/USDT

The price experienced a minor bounce back at the support level, but the rally was short-lived as the bears overpowered the bulls, resulting in a correction of over 16% in valuation. Following this, the price traded between $6.791 and $7.485 for a period.

As the market gained momentum, the bulls recorded a jump of 28%, after which it faced rejection at $8.707. After this, the price constantly traded under a bearish influence and broke down multiple support levels.

The Polkadot price tested its crucial support level of $6.098, but the bulls held the price strong above the level, resulting in it trading in a closed space between $6.098 and $6.791.

Recently, the price successfully broke out of its important resistance level, indicating a rise in the bull power within the crypto space.

Will DOT Price Increase?

The RSI displays a sharp fall in the chart, suggesting increased selling pressure in the crypto industry for the coin. Further, the averages show a high possibility of a bearish convergence, highlighting a bearish influence in the market.

If the bulls hold the price above the support level of $6.791, the DOT token will test its resistance level of $7.485 soon. Maintaining the price at that level will set the stage for Polkadot to attempt to test its upper resistance level of $8.141 in the coming time.

Negatively, if the bears regain power, the DOT token will test its support level of $6.791. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $6.098 this week.


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