DOT is expected to fall or reach $6 in the coming days. On the plus side, the token's price is generally bullish, as evidenced by the extended increase that propelled it to a high of $8.84 yesterday.
On the other hand, DOT appears to have dropped in price by 4% overnight. When the price dropped to $6.55 on July 26, 2022, it formed an extended ascending triangle pattern.
DOT Breaks Through Resistance at $8.5
Polkadot has been highly bullish, breaking the resistance seen at $8.5 and trading above $8.60.
The price needs to hold support at $8, especially with selling pressure on the way. With that in mind, any movement below this critical line could precipitate a worse downtrend, resulting in a price drop to $6.15.
Major cryptocurrencies such as Bitcoin and Ethereum have also experienced significant drops in the last 24 hours. Bitcoin clearly fell by 3%, or towards $23,700, while Ethereum fell dramatically to $1,700. With regard to altcoins, Ripple increased by 3% to $0.38, Cardano decreased to $0.52, Solana increased by 3% to $44.22, and Dogecoin decreased by 3% to $0.07.
Can Crypto Keep Its Bullish Momentum?
Polkadot's price is seen shooting for an uptrend on the 24-hour chart, with a price increase to $8.84 seen yesterday. DOT, on the other hand, has experienced volatility, which has caused the price to fall.
Nonetheless, the price has remained above the critical 9 and 21-day moving averages, as well as the 50-day EMA, which is $7.80. Furthermore, there is a strong possibility that the price will test the resistance levels initially seen at $9.20 and then at $12.5.
The RSI has also soared to the point where it has crossed the overbought zone at 61.72, which may have an impact on the price in the coming trading sessions. As a result, trading volume fell by 17%, implying a lower market valuation.
Moving Average Convergence Divergence (MACD) is forming seismic patterns of higher lows while maintaining a strong bullish divergence.
As a result, the next 24 hours are critical. The price should be able to claim strongly with its $8 support because an inch below this level can clearly invalidate the coin's bullish streak, potentially sending DOT downhill to the next support at $4.5.