Polkadot Worth Prediction: Is This the Entry Place Merchants Have Been Ready For? – FX Road

  • Polkadot price is forming a potential double bottom pattern after another 10% plunge on Monday.
  • A buy-signal on the four-hour chart indicates a possible bullish trend reversal.
  • DOT price needs to keep the buyer stagnation zone intact at $6.00 to confirm an incoming bullish move.

dot price is at the end of a long seven-day decline. The sell-off worsened over the weekend amid a sell-the-news initiative in the wake of the Ethereum merger on Thursday. Although the largest smart contracts token had a successful migration to a proof-of-stake algorithm, the cryptocurrency market turned bloody. That signs of the parachains is dancing at $6.30 during Monday’s US session – slightly above robust support around $6.00.

The polkadot price prints a crucial double bottom pattern

The recovery is in its infancy as reflected in a bullish candle on the eight-hour chart. Odds will likely continue to favor bulls if dot price confirms a double bottom pattern – see below.

It is worth noting that this chart pattern is a trend reversal formation that allows traders to take strategic long positions. The pattern occurs after an extended downtrend as long as the two valleys (bottoms) form at a relatively equal price point (solid support area).

An uptrend builds once support at the bottom is defended. Despite this, the raised floor pattern is only validated if DOT price breaks above the neckline ($9.71). In other words, traders must wait for the pattern to be confirmed before entering their long positions. An established break above the neckline might push forward DOT price up 37.00% to highs just above $10.00.

Eight-hour chart DOT/USD

The path of least resistance is on the upside based on the stochastic oscillator applied to the same chart. If the index rises from the oversold area (20.00 and below), dot price will definitely get positive impulses again. This bullish trend reversal is corroborated by the divergence that the stochastic is generating above its moving average.

DOT/USD price chart

DOT/USD four hour chart

Likewise the TD Sequential display Recently, Polkadot price’s bullish outlook gained more credibility by displaying a buy signal. The call to buy POINT manifested as a red nine candlestick, suggesting that the downtrend was in its final stages.

It also signals that buyers are poised to resume control for a clearly bullish outcome. A buy order is usually suggested when the low of the sixth and seventh bar is crossed by that of the eighth and ninth candle.


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