DOT Price Analysis: Steady Retest In DOT Eyes $6 Upon Success!
The post DOT Price Analysis: Steady Retest In DOT Eyes $6 Upon Success! appeared first on Coinpedia Fintech News
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.
