- 1 Despite the market sentiment hit rock bottom this year, an analyst noted that he was optimistic on his high-conviction picks.
- 2 Polkadot’s active addresses are increasing, that signifies growth in the asset.
- 3 The MACD exhibits a bullish cross beneath the zero line, which presents buyers’ strengthening.
An analyst, RektFencer, tweeted that the market sentiment has hit rock bottom this year, but others are dumping the assets.
$DOT Update
— Rekt Fencer (@rektfencer) June 25, 2024
Market sentiment has hit rock bottom this year, but while others are dumping, I'm doubling down on my high-conviction picks.
The global support level is prime for long-term coin accumulation.$DOT is one of my top L1 x AI plays. https://t.co/ITWPRHR8eC pic.twitter.com/5RaVzBECpL
He further optimistically said that he was buying the dips on his high-conviction picks. He illustrated that DOT looked primed for a rally with 850% probable gains ahead on the weekly timeframe.
What Does Polkadot (DOT) Price Action Signify?
DOT showed a spectacular run from the $4.5 base to the $11.8 top, where it failed to break and ended up in a contracted wedge. The deterioration in the wedge pushed the price below the resistance turned support level of $5.50.
DOT is set for a gigantic surge on the daily chart as it seems more than ready to crack the resistance trendline and propel to new peaks from the current support zone.
Polkadot (DOT) Indicator Overview & Forecast!
The Polkadot asset has exhibited bullish strength this week by surging 12.94%, and on intraday, it surged 1.16%. Also, the price shows rising capacity as it approaches major 50-day, and 200-day EMA’s.
Technical indicators are highlighting bullish behavior as the MACD shows a bullish cross beneath the zero line, highlighting buyers’ strength. The RSI at 52.30, recovered from 30 and is headed for the 70 level, highlighting that DOT could extend its gains.
DOT 1.D. | Source: TradingView
DOT crypto has traded at $6.361, with a 60.87% surge in the 24-hours volume at $256.218 Million. If the demand for the DOT remains high, the asset price could propel higher, breaking the upper boundary of the wedge from the current level. The next resistance for the price could be at $7.8, and $9.5.
However, if DOT price fails to stay above $5.5, it could decline further toward $5 and $4.
Summary
RektFencer notes low sentiment due to price are available at lows, but he wishes to buy dips. DOT surges from $4.5 to $11.8, then retraces. Price recovered from the $5.50 support. DOT may rally above the resistance trendline. Technical indicators are bullish. DOT was at $6.361 with high volume. Next resistance levels are $7.8 and $9.5, with support at $5 and $4.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
