Polkadot (DOT) has lastly managed to cease its extended correction. The value appeared to have settled a bit after bottoming at round $7.35. DOT now has a very good alternative to reverse the downtrend and will rally considerably regardless of rising uncertainty out there. Listed below are some factors:
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DOT is testing the $10 which could possibly be vital in any bull run
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It’s the primary time the coin has reported positive aspects after 4 days of retreat
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Crossing the $10 might set off a rally in the direction of $13 or thereabout
Knowledge Supply: TradingView
Polkadot worth evaluation and prediction
An important factor for DOT bulls is that the downtrend seems to have slowed. The coin had reported losses in 4 straight periods, and there have been fears it might truly fall beneath $5 for the primary time this yr. But it surely appears the value motion began to consolidate at round $7.35.
Finally, DOT was capable of set off a run and is now making an attempt to cross above $10. If certainly this occurs, we might see the token rally in the direction of $13 or past. This may symbolize an upswing of round $30 from this worth. Nonetheless, regardless of this bullish outlook, there are nonetheless a number of uncertainties out there.
For instance, we now have not seen sufficient buying and selling quantity to counsel DOT goes bullish. It’s potential that DOT might actually get rejected on the $10. This may push it downwards towards its earlier backside worth of $7.35. But when bulls aren’t capable of hold the value above $7.35, there might be extra draw back to return.
Methods to commerce DOT on this setup?
The primary entry can be above $10. If DOT is ready to cross above this worth, then you should buy and exit at $13.
Nonetheless, if the value motion stays suppressed beneath $10, then look ahead to it to backside at round $7 before you purchase. However there’s a danger {that a} drop in the direction of $7 might proceed till DOT hits $5.