- Polkadot (DOT) exhibits potential for a bullish reversal, possibly surpassing the $10 mark.
- After a 50% drop and a challenging trend below the $12 level, DOT now hovers around $6.86.
- Indicators like the EMA and RSI suggest a possible bullish turnaround from the oversold zone, with MACD also indicating rising momentum.
Polkadot, one of the best performers, has a bright chance for a comeback as it gets beyond a recent supply surge. With the potential for a bullish turnaround, the DOT price is gradually gaining momentum and drawing the attention of market bulls.
As other altcoins struggle to halt their downward trends, DOT positions itself for a possible ascent. This analysis explores whether this reversal could propel Polkadot beyond the $10 milestone, providing insights for a long-term price prediction.
Polkadot Price Performance Overview
Despite failing to maintain its early 2024 bull run, Polkadot experienced a significant setback from the $12 level, leading to a 50% drop within two months. This decline was marked by a lower high formation, severely impacting the 200D EMA and suggesting a bearish influence on the 50D EMA, potentially signaling a death cross.
Currently, with a market cap of $9.32 billion and ranking #15 in the crypto market, DOT trades at $6.86, noting an intraday increase of 6.30%.
Market Dynamics and Support Levels
The DOT price’s recent downtrend has stabilized at the crucial $6 support level under the 200D EMA. This stability is followed by an underlying bullish shift, illustrated by a double bottom pattern, with the intraday growth suggesting the start of a potential rally.
Should Polkadot find additional demand to fuel this recovery, there could be a significant breakout from the double bottom pattern. Such a move could thrust the altcoin into a high-momentum recovery phase, potentially pushing its price beyond $10 and steering clear of the dreaded death cross.
If a bullish reversal materializes, DOT’s price could aim for the $10 mark or even reach the $12 milestone, correlating with the 100% Fibonacci trend-based level. Conversely, a decline below $6 could see Polkadot’s price fall to $5, emphasizing the critical nature of the current support levels.
Read the full article here
