Monday, March 4, 2024

Polkdot Price Prediction: Coiling Pattern Hints at Potential 10% Uptick.

The price of Polkadot (DOT) is still robust because of the supply barrier, which extends from $7.236 to $7.575. The bulls might be pushing for a second attempt at this supplier bottleneck zone after the altcoin received a rejection of about 12% in the first encounter.

Polkadot may increase by 10%
Following a 12% rejection from the supply barrier, the price of Polkadot (DOT) has found support at $6.387, which is the 25-day Exponential Moving Average (EMA). The Relative Strength Index (RSI) prognosis suggests that the bulls may be trying a reverse move, as this momentum indicator has veered away from its initial southward rise and is now trying to move north.

The Polkadot price may regain lost ground if buyer momentum picks up, indicating that the uptrend will continue when it breaks and closes above the supply zone’s midline at $7.396. A rise to the range high at $7.900 would confirm that the price has the potential to break out above the supply barrier and turn into a bullish advance. A shift to the supply zone’s upper threshold, or $7.575, would represent a 10% increase over the current price.

A move that would indicate an 18% increase above present levels would see the Polkadot price extend a neck higher to target the $8.000 psychological barrier in a very optimistic scenario.

Notably, the probabilities continue to favor upward, with both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators remaining in the positive range.

However, the crossover point where the MACD line crosses below the signal line indicates that the MACD has set off a sell signal. If traders follow this advice, the price of Polkadot may be doomed. The red histogram bars that are moving closer to the zero line in the AO further demonstrate the bears’ steady ascent.

Polkadot price could prolong its decline to the $6.240 support level if selling pressure increases and the 25-day EMA loses its support. A daily candlestick closure below this threshold would disprove the bullish argument.

In the worst scenario, the Polkadot price may continue to decline and challenge the 50-day EMA at $5.806, or even worse, it may continue to decline and hit the $4.854 support level. This would indicate a decrease of 29% from the present levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com 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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