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Is Polkadot In a position to Rebound to Contemporary Highs?

Is Polkadot In a position to Rebound to Contemporary Highs?

Polkadot is sitting at a execute-or-smash point that would also resolve to the upside as steal indicators surface.

Key Takeaways

  • Polkadot is down more than 16% since the $55.20 all-time excessive of Nov. 4.
  • Now, prices beget reached a excessive toughen stage that would also honest lend a hand as a rebound point.
  • As lengthy as DOT holds above $41,40, it will also goal $89.35.

Polkadot would possibly per chance perhaps even be gearing up for a sustained rebound in direction of recent all-time highs, relying on DOT’s ability to withhold above a well-known toughen barrier.

Polkadot Holds at Crucial Make stronger

Polkadot appears to be like to be like ready for one other rally despite the 25% correction it suffered almost at the moment after hitting a file excessive at $55.20 on Nov. 4.

As excitement surrounding last week’s parachain public sale commence intensifies, the number eight cryptocurrency by market cap has reached a well-known toughen stage represented by the lower boundary of a parallel channel, which developed on the 12-hour chart since early July. 

Every time DOT has dropped to this technical sample’s lower trendline, it has rebounded, surging to the sample’s middle or upper edge. From this point, it tends to gain rejected, which is per the characteristics of a parallel channel.

Identical price circulate means that the channel’s lower trendline will proceed to withhold and lend a hand as a rebound point for Polkadot. This means that of this reality, a spike in purchasing for stress around the recent price ranges would possibly per chance perhaps also push DOT in direction of the channel’s middle or upper trendline. These resistance aspects sit down at $60.60 and $89.35 respectively.

Polkadot US dollar price chart
Source: TradingView

The Tom DeMark (TD) Sequential indicator adds credence to the optimistic outlook. It equipped a steal signal within the beget of a purple nine candlestick on Polkadot’s 12-hour chart. The bullish formation anticipates a one to four candlestick upswing or the muse of a recent uptrend. 

As lengthy as DOT holds above $41.40, the bullish thesis would possibly per chance perhaps also honest aloof dwell true. Then all over again, if it fails to withhold, merchants would possibly per chance perhaps presumably be encourages to exit their lengthy positions in anticipation of a steep retracement. The magnify in promoting stress would possibly per chance perhaps also then ignite a correction in direction of $34.80 and even $30.10. 

Disclosure: On the time of writing, the creator of this feature owned BTC and ETH.

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