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Polkadot Rebounds Slowly As Oversold Conditions Ignite Bullish Hopes

Godspower Owie
Godspower Owie
4 months ago
3 mins read
Polkadot

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Este artículo también está disponible en español.

Polkadot (DOT) price has begun its recovery journey, bouncing off the crucial $6.2 support level after a period of intense selling pressure. This key price floor has proven its strength, giving bulls the confidence to reenter the market. Oversold conditions signal a potential reversal, and DOT is now gradually climbing, sparking renewed optimism among traders who hope for stronger bullish momentum in the days ahead.

With technical indicators aligning to support a recovery narrative, DOT’s ability to hold and build on the current bounce will be crucial in determining its next price phase. Will this gradual comeback pave the way for Polkadot to break free from its recent slump, or will bearish pressure reassert itself?

Polkadot Recovery In Focus: Can Bulls Sustain Momentum?

Following the rebound at the $6.2 support level, DOT’s price is now exhibiting early signs of recovery. DOT is slowly but steadily attempting to push higher, with its sights set on reaching the 4-hour Simple Moving Average (SMA). This moving average acts as a key technical indicator for short-term trends, and a move toward it suggests that Polkadot is gaining strength in its recovery effort.

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Furthermore, DOT’s gradual price increase reflects a shift in market sentiment, moving from bearish to more neutral as buyers cautiously re-enter the market. The $6.2 support level has provided a solid foundation, which allows the price to stabilize and begin its ascent. 

As the token approaches the 4-hour SMA, it will encounter a critical point where the bulls must demonstrate their strength by surpassing this level. Successfully breaking above the SMA could catalyze more gains, confirming that the bullish momentum is taking hold.

Polkadot
Polkadot’s uptrend building, targeting the $7.7 level | Source: DOTUSDT on Tradingview.com

Technical indicators are starting to reveal early positive signs for Polkadot, with the Composite Trend Oscillator showing promising movement. Currently, the indicator, which synthesizes multiple technical indicators, indicates that DOT is in oversold territory, suggesting the cryptocurrency could be poised for a reversal as buying interest begins to emerge.

However, the journey to the SMA is still in its early stages, and the recovery remains fragile. Any failure to hold above the $6.2 support or to break through the SMA may result in a setback for Polkadot, potentially allowing bearish pressure to resume.

Key Resistance Levels To Watch For Ahead

As Polkadot attempts to sustain its momentum, key resistance levels will play a critical role in determining whether the recovery can continue. The first major resistance to watch is around the $7.7 mark, which might act as a barrier to further upward movement. A break above this level would indicate increasing bullish strength, paving the way for a move toward higher price targets.

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Polkadot (DOT) Must Retest Crucial Support To Sustain Uptrend – Details

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Additionally, the $9.8 range may present challenges as DOT works to establish a more solid uptrend. Monitoring these resistance levels will be essential in assessing whether Polkadot can maintain its upward trajectory or if bearish forces will regain control.

Polkadot
DOT trading at $6.5 on the 1D chart | Source: DOTUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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