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DOT Has Potential To Rebound For Current Position Into A Rally

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DOT Has Potential To Rebound For Current Position Into A Rally
Polkadot News

  • Polkadot (DOT) is continuing its downward movement below the four-month trendline.
  • In order for DOT to really see a comeback, the crypto will have to topple the 20 EMA.
  • Should the current candlestick close above the immediate support, it could also serve as a confirmation that DOT could see a rally.

Polkadot (DOT) is continuing its downward movement below the four-month trendline. The current price of DOT has found its place in the $6.45 zone. If the price of the crypto can rebound from this support, it could lead to some sort of revival.

Recent liquidations led to DOT dropping to its 17-month low on June 13. After this, there was a bit of an increase in buying pressure. Ultimately, however, the 20 EMA was able to control the buying rallies. In order for DOT to really see a comeback, the crypto will have to topple the 20 EMA.

Daily chart for DOT/USDT (Source: CoinMarketCap)
Daily chart for DOT/USDT (Source: CoinMarketCap)

Should the current candlestick close above the immediate support, it could also serve as a confirmation that DOT could see a rally.

After DOT’s most recent bearish flag, the price of the crypto dropped by nearly 10% to approach the $6.4 baseline. This means investors should watch for a close beyond the $6.45 – $6.5 range in order to establish the buying momentum.

On the other hand, if the DOT price fails to close beyond this range, it could position the crypto for a decline. If the price were to drop below $6.4 it could lead to an 8-10% drop in price for DOT.

According to CoinMarketCap, DOT is currently trading hands at $6.40 after a 1.28% drop in price over the last day and after a 6.60% drop in price over the last week.

The crypto’s 24-hour trading volume is also currently down 6.34% and is standing at $297,161,708.

Article Categories:
Bitcoin · DOT · DOT Price · Latest Post · News · Polkadot · Polkadot News · Polkadot Price

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