Early 2024 saw a bullish trend losing steam as the market experienced a bearish reversal from the $12 mark.
This reversal intensified over two months, aggravated by the market's breach below the bullish trendline formed since October 2023.
#Polkadot mirrored Ethereum and Bitcoin, reaching a short-term peak before descending below the $7.60 level.
Noteworthy is the formation of a double bottom pattern in $DOT's price action around the $6 support level.
At the critical $6 support level, below the 200-day EMA, the downtrend in $DOT's price saw a significant shift.
Analysis of the 4-hour chart suggests the current formation of an ascending channel pattern.
A breakdown of this channel might trigger a market crash towards the $4 support zone.
According to Coingabbar Prediction, Conversely, a breakout above the channel could signify a complete reversal, potentially initiating a bullish trend.
KEY LEVELS :
RESISTANCE LEVEL : $7.50-$9.00
SUPPORT LEVEL : $6.00-$5.00
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.
