Hardly any cryptocurrency exchange rate has recovered as little as the Polkadot exchange rate. Is this an indication that a sharp increase is still pending?
Polkadot price could now rise to around 8 USD
Polkadot Price Chart from Tradingview
Since the Polkadot price had reached a low point at around $ 6, Polkadot rose to the 50-day EMA, at which point Polkadot was rejected bearishly. As a result, Polkadot returned to the 0.382 Fib support at around $7.3, which Polkadot seems to be bouncing off today, after Polkadot was able to close above it yesterday.
With this, Polkadot could once again make an attempt to break the 50-day EMA at around $ 8. In addition, significant Fib resistance is waiting for the Polkadot price at around 8.25 USD.
However, the MACD is bearish, because the MACD lines are still crossed bullish, but the histogram has been ticking bearishly lower for a few days. The RSI is neutral.
If the 0.382 Fib support is broken bearishly at around $7.3, Polkadot will find the next significant Fibonacci support at around $ 6.8.
Polkadot course has only recovered by about 34%
Polkadot Price Chart from Tradingview
Since reaching the 6 USD mark, the DOT price has only recovered by around 34%. Some cryptocurrencies have more than doubled since reaching the local low point. Polkadot has thus recovered extremely poorly compared to many cryptocurrencies. This could be an indication that Polkadot will follow suit and will rise sharply in the coming days to weeks.
After all, the MACD is clearly bullish on the weekly chart, because the histogram has been ticking bullish higher for a few weeks and the MACD lines are on the verge of a bullish crossover.
Will the Polkadot price fall to around 3.5 USD?
Polkadot Price Chart from Tradingview
In the monthly chart, however, the puny price increase that Polkadot has made since reaching the low point at around $ 6 becomes clear. For a bullish candlestick formation on the monthly chart, Polkadot would have to rise to $10.36 within a week and close above it at the turn of the month.
Only then does the DOT price show bullish. Until then, the trend remains strongly bearish, with possibly even lower lows in prospect. Because if Polkadot breaks the support between $ 6.3 and $ 6.8 bearishly, significant support will only wait for Polkadot again between $ 3.5 and $ 4.2.
If, on the other hand, Polkadot really rises to around USD 10.36 and closes above it, Polkadot will find the next significant Fibonacci resistances at around USD 13.1 and USD 17.5, which Polkadot could then target in August.
Polkadot has now been rejected against BTC at the 0.382 Fib resistance
Polkadot Price Chart from Tradingview
Against BTC, Polkadot bounced off the horizontal support between 0.000255 and 0.000325 BTC last month. However, Polkadot has been bearishly rejected so far this month at the 0.382 Fib resistance at around 0.00036 BTC. With this, Polkadot returned to the Golden Ratio support at around 0.00031 BTC, which Polkadot could now bounce off.
On the other hand, if the Golden Ratio support breaks bearish, Polkadot will only find support again between 0.000255 and 0.000325 BTC.
