Market Analysis

POLKADOT PRICE ANALYSIS & PREDICTION (February 26) – DOT Rebounds Slightly After a Short Pullback, Can It Sustain Pressure?

Polkadot DOT registered some losses this week but has recovered slightly after locating a minor support. It has been showing signs of strength since yesterday following a substantial 2% gain. 

DOT cooled off buying a bit this week after witnessing a consecutive increase to a monthly high of $8.14 on Monday. This led to a two-day pullback, which brought the price to a weekly low of $7.3.

It held that low as support and pushed back to $7.85 yesterday. The bulls failed to reiterate actions today and the market remained calm with a 1% loss over the past hours. However, things are still looking good for the bulls as they try to step back.

A push above last week’s high could facilitate another leg-up in the next couple of days. Even though the bulls manage to retake this high, they must push through last December’s high before we can confirm a complete breakup for a long-term rally. Right now, the setup is still looking dicey in the short term.

In the opposite direction, dropping off this weekly low would lead to a serious bearish scenario capable of collapsing the price to $4.

But from the look of things, the bulls are holding on strong with counter-reactions to this week’s bearish actions. We may see more recovery in price if the bears find it difficult to gain control.

DOT Key Levels To Watch

Source: Tradingview

Now that DOT has found support this week, it may advance higher to last week’s $8.14 high and $8.58 before reclaiming last December’s resistance of $9.6. A clear breakup from there should bring a significant gain in the market.

The immediate support to watch below the current weekly $7.3 low is $6.6. If the price plunges through this support, $6 is the next level to watch for a crackdown.

Key Resistance Levels: $7.85, $8.58, $9.6

Key Support Levels: $7.3, $6.6, $6

  • Spot Price: $7.7
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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