POLKADOT PRICE ANALYSIS CMP-$5.25:Is Bulls Stepping In

Polkadot is gaining momentum above the $5.00 support level.

Polkadot is on an upward trajectory from the $5.00 support against the US Dollar, with the potential for a rally upon surpassing resistance levels at $5.30 and $5.40. Following a significant decline, the DOT price discovered support near $5.0, establishing a low around $4.98. Currently, the price is making a fresh recovery, mirroring the upward movements of Bitcoin and Ethereum.

On The Daily Chart:

According to Polkadot price predictions, bullish investors are gearing up to enter the market. After a period of downward movement in recent months, the DOT token has found support from buyers around the $4.500 level.

Currently, the price is moving sideways, a common pattern observed before a potential trend reversal. The DOT token is currently experiencing a tight consolidation phase near a resistance level. Potential buyers might choose to wait for a breakout from this consolidation channel, indicated by a green candle, before entering the market.

On The 4-Hour Chart:

On the 4-hour chart, Polkadot is encountering resistance from a Descending Trendline. Despite trading within a consolidation zone, the bulls made a breakthrough yesterday but are currently facing difficulties in maintaining the momentum. Additionally, a significant bullish trend line is forming, offering support around $5.10 on the 4-hour chart of the DOT/USD pair.

According to Price Analysis, The market capitalization of this DOT is estimated to be $6,567,267,125. The 24-hour trading volume for the coin is around $96,301,009.

KEY LEVELS :

RESISTANCE LEVEL : $5.50-$5.80

SUPPORT LEVEL : $5.00-$4.70

In the consolidation zone, there is a lingering question about the potential price movement of DOT. Will it drop to $5 or soar above $7? We are eagerly awaiting your insights and thoughts on this matter. Please feel free to share your perspectives in the space provided below.

POLKADOT is now trading near $5.25, with a trading volume of $96,301,009, With a market cap of $6,567,267,125, it has risen nearly by 2.70

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.