Polkadot price shows a slowdown in DOT bullish momentum that has resulted in sellers taking over. Now, a minor retracement level could push DOT into a significant support barrier.
On the 6-hour DOT/USDT chart, Polkadot's price showed a substantial 22% upswing that pushed it into a supply zone that extends from a price of $42 to $44.06. However, the sellers overwhelmed the buyers, which is causing the DOT price to slide lower.
Contributing to this descent is the Momentum Reversal Indicator cycle top signal in the form of a red ‘one’ candlestick pattern, which forecasts a one-to-four candlestick price correction.
Going forward, investors can expect dot's price to dip into the demand zone that extends from a price of $37.98 to $41.
If DOT price stays inside the ranges mentioned above, it is more than likely to continue its price uptrend and take another jab at the supply barrier. A successful build of buying pressure will quickly propel DOT price up by 20% to retest its all-time high at a price of $48.36.
The resistance support level at $45.49 might hinder the upswing. Therefore, investors need to keep a close eye on it.
The first sign of weakness will be seen when the DOT price slices through $38.70. A breakdown of the demand zone’s lower boundary at a price of $37.98 will invalidate the bullish scenario and lead to a minor retracement to $36.50.
If the selling pressure continues, market participants can expect the Defi coin price to slide toward the next demand barrier’s upper trend line at $34.25.
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