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Polkadot Price Prediction: Low point may not yet be reached

 


Hardly any cryptocurrency course has recovered as little as the Polkadot course. Is that an indication that a sharp rise is yet to come?


Polkadot price could rise to around USD 8 now

Since Polkadot price bottomed around $6, Polkadot surged up to the 50-day EMA at which point Polkadot was rejected in a bearish manner. Polkadot then returned to the 0.382 Fib support around $7.3, which Polkadot seems to be bouncing off today after Polkadot closed above it yesterday.


With this, Polkadot could make another attempt to break the 50-day EMA around USD 8. In addition, significant Fib resistance awaits the Polkadot course at around USD 8.25.


However, the MACD is bearish, because the MACD lines are still bullishly crossed, but the histogram has been ticking bearishly lower for a few days. The RSI is neutral.


Should the 0.382 Fib support break bearishly around $7.3, Polkadot will find the next significant Fibonacci support around $6.8.


Polkadot price has only recovered about 34%

Since reaching the USD 6 mark, the DOT price has only recovered by around 34%. Some cryptocurrencies have more than doubled since hitting the local bottom. Polkadot has recovered extremely poorly compared to many cryptocurrencies . This could be an indication that Polkadot will follow suit and rise sharply in the coming days to weeks.


After all, the MACD is clearly bullish in the weekly chart, because the histogram has been ticking bullishly higher for several weeks and the MACD lines are about to cross over bullishly.


Polkadot price falls to around $3.5?

In the monthly chart, however, the measly price increase that Polkadot has made since it reached the low point of around USD 6 becomes clear. For a bullish candle formation in the monthly chart, Polkadot would have to rise to USD 10.36 within a week and close above it at the turn of the month.


Only then does the DOT course become bullish. Until then, the trend remains strongly bearish with the possibility of even deeper lows. Because if Polkadot bearishly breaks the support between USD 6.3 and 6.8, significant support will only wait for Polkadot again between USD 3.5 and 4.2.


On the other hand, should Polkadot really rise to around USD 10.36 and close above it, Polkadot will find the next significant Fibonacci resistances at around USD 13.1 and USD 17.5, which Polkadot could then target in August.


Against BTC, Polkadot has now been rejected at the 0.382 Fib resistance

Against BTC, Polkadot bounced off the horizontal support between 0.000255 and 0.000325 BTC last month. However, Polkadot has been bearishly rejected at the 0.382 Fib resistance around 0.00036 BTC so far this month. This brought Polkadot back to golden ratio support around 0.00031 BTC, which Polkadot may now bounce off.


On the other hand, if the Golden Ratio support breaks bearish, Polkadot will only find support again between 0.000255 and 0.000325 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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