below the moving averages since August 19, but the bears have been unable to push the market below the strong support level of $6. This shows that at lower levels, purchases dry up.
The bulls will aim to drive the price above the moving averages once more. If they succeed, the DOT/USDT pair may rise to $9.17 and then to the overhead resistance at $10. At this point, the bears are expected to launch a strong resistance.
Another possibility is that the price falls below $6.80 as it hits the moving averages. If this occurs, the bears will attempt to lower the pair to the critical support level of $6. A break and close below this level will signal the end of the rally.
Polkadot price analysis on a daily basis shows that the market is in a significant bearish trend today, as the price has covered a downward movement in the previous 24 hours. Market conditions for DOT/USD remain bearish in the short term, but a breakthrough from the current consolidation range could see the market move towards the $6.00 level in the near future.
Any further rises could push the price of DOT towards the $7.50 resistance zone. If sustain and close above $7.50 then price may touch $8.50-$9.80 level soon.
On the downside, an initial support level is near $6.50. The next major level of support is around $6.00. A break below the $6.00 support level might trigger a sharp decline. In the aforementioned scenario, the price may fall as low as $4.50.
KEY LEVELS :
RESISTANCE LEVEL : $7.40-$8.00
SUPPORT LEVEL : $6.50-$6.00
