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Polkadot’s market activity has been somewhat rangebound in recent weeks. However, in recent days, the coin encountered a sudden bearish spike, resulting in a price decline of more than 10%. Since then, DOT has amassed enough bullish momentum to embark on a turnaround streak.
DOT was valued at $31.05 at the time of publication, with a 24-hour trading rate of more than $2.7 billion. The coin’s short-term future is positive, as the market is seeing a rise in buyers.
Polkadot 1-hour chart
Polkadot’s price has been on a recovery run in the last day following a 10% price drop. The coin’s price activity was limited to an ascending triangle shape, and a bullish breakout appeared to be in the works at the time of publishing.
If the uptrend continues, DOT will soon be able to break through main resistance at $31.5 and head for full recovery in terms of trading price. Short-term traders who have long positions are expected to profit from this step.
According to the technical indicators, DOT was able to reclaim hold of its dropping price and collect sufficiently bullish traction. In the last few hours, the coin has effectively resisted bearish pressure and moved upward on the map. The MACD indicator looks positive after a bullish crossover, and the RSI indicator began to trend into overbought territory – both signs of a short-term market spike.
Important levels to watch out for
Resistance: $31.5, $33.8
Take Profit: $33.5
Stop Loss: $29.3
Polkadot has enough positive traction to catapult it higher in the short term market. Once the immediate support is broken in the coming hours, DOT is expected to rise towards the $33 price point in the next 48 hours. However, if this level is not broken, a minor correction is necessary.