Why DOT May SoonTrade Above $10

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In today’s trad­ing ses­sion, Polkadot’s price has surged by 4 per cent and extend­ed yesterday’s 5 per cent aggres­sive push to the upside. The price has also recent­ly bro­ken into the sup­port and resis­tance struc­ture of $7.4 and $9.3, respectively. 

Polkadot Recent Price History

Since the late hours of the June 18 trad­ing ses­sion, Polka­dot has been trend­ing aggres­sive­ly upwards. The cur­rent strong bull­ish push start­ed after the cryp­to pierced through the $7.4 sup­port lev­el and set a new price low of $6.4. 

How­ev­er, the prices failed to con­tin­ue down­wards and start­ed an aggres­sive push to the upside, which saw the Polka­dot close the June 18 ses­sion at $7.05. The start of the cur­rent upward trend was fol­lowed by two con­sec­u­tive bull runs that result­ed in a 15 per cent price surge. How­ev­er, the next two trad­ing ses­sions, the June 21 and 22 ses­sions saw the prices cor­rect and set up the cur­rent strong bull­ish trend, which start­ed yes­ter­day and has already seen the prices rise by 10 per cent. 

Polkadot Price Prediction

My Polka­dot price pre­dic­tion expects the cur­rent two con­sec­u­tive bull runs to con­tin­ue for the next few trad­ing ses­sions. How­ev­er, hav­ing looked at the most recent price action, there is a high like­li­hood that we are cur­rent­ly in a bull­ish trend reversal. 

There­fore, I expect the prices to con­tin­ue ris­ing until they hit the $8.4 resis­tance lev­el. After that, there is a high like­li­hood that we will see the prices break out of the resis­tance lev­el to the upside. This will set the Polka­dot price to con­tin­ue mov­ing upwards and like­ly hit the next resis­tance lev­el of $9.3. A pos­si­ble trade above $10 is also pos­si­ble based on the cur­rent price action analysis. 

How­ev­er, my trade will be inval­i­dat­ed if the prices trade below the $7.4 sup­port lev­el again. It will also mean a resump­tion of the bear­ish trend if the prices retrace back to that lev­el again.

Polkadot Daily Chart



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