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.