Polkadot's price recently consolidated around the crucial $6 support level.
The resurgence pushed $DOT price above the previously breached 200-day moving average, now standing at $7.
On the daily chart, a Bullish Engulfing candle formed yesterday, suggesting potential upside movement.
Price breached the upper boundary of a triangle pattern on the 4-hour chart, indicating buyer dominance and sustaining upward momentum.
In the four hour timeframe, $DOT is consolidating within a bullish flag pattern, hinting at a forthcoming upward breakout.
A successful breakout from the bullish flag pattern could drive the price towards $15 in the coming weeks.
Maintaining a position above the 23.60% Fibonacci level suggests a likelihood of the upward trend continuing towards the critical resistance at $8.8 in the short term.
According to Coingabbar Prediction, If bulls fail at $8.00 resistance, DOT might drop to $7.00; breaching it could prompt a revisit to $5.50 levels.
KEY LEVELS :
RESISTANCE LEVEL : $8.00-$9.50
SUPPORT LEVEL : $6.50-$5.50
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
