Saturday, December 2, 2023

Polkadot (DOT) set for a rebound after a 7-day low of nearly 11%.

A popular altcoin, Polkadot (DOT) is seeing a possible rebound after recording lows of 10.83% over the last 7-days. It has been falling ever since reaching an all-time high of $55.04 on November 4, 2021. DOT fell to $14.05 on February 14. Analysts highlight that this caused a breakdown from the $16.70 horizontal support area.

At the time of writing this article, Polkadot (DOT) has been up by 1.68% and is trading at $16.72 as per data on CoinMarketCap. Experts believe that DOT has created a long lower wick and bounced – validating the area as support. If this continues, DOT could see resistance at $29.70.

@AltcoinSherpa, a crypto trader, tweeted a chart showing that the daily time-frame readings highlighting that a bounce is very much likely. But it should be noted that it doesn’t confirm a bullish trend yet. The reason could be that both the MACD and RSI have generated significant bullish divergences. They haven’t moved into bullish territory. In regards to MACD, a spike above 0 is required. And for RSI, an increase above 50 would be necessary. As such, the DOT cannot be described as bullish despite the possibility of a rebound.

Polkadot’s price, as per TradingBeast’s forecast, will range between$16 – $24 in the coming months. But WalletInvestor believes Polkadot’s price will go up to $30 in 2022 and touch $93 in 2027.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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