Polkadot prices (DOT) have decreased by 4.38% on the last day as the bearish forces continue to gain stronger market control. According to Coinmarketcap data, the DOT price drop only underlines the shape of the asset in recent days as indicated by the loss of 7.99% in the last week. However, Market analyst Ali MartÃnez postulates that this bearish trend could soon lead to something positive.
Polkadot approaches the key support: Can I maintain and bounce at $ 10.80?
After the intense volatility of the prices that extended through the cryptography market last week, Polkadot fell below a key support level at $ 4.47, indicating greater bearish pressure. According to Ali MartÃnez, Altcoin seems to go to a crucial support zone to $ 3.80, which could stop the current decrease.
Based on it Analysis presentedThe DOT is experiencing a wide range of consolidation that moves in a parallel channel that extends since July 2023. Therefore, if the current descending trend persists, the Altcoin will probably test again at $ 3.80, which represents the lower limit of this parallel channel.
According to historical patterns, market bulls are expected to intervene in this support zone and increase demand to avoid greater decrease. MartÃnez explains that if this projection occurs, Polkadot could experience a price rebound to around $ 6.4, that is, the midpoint of the parallel channel.
With a strong purchase pressure, DOT investors could expect an increase in the price of around $ 10.80 at the upper limit of the parallel channel, which represents a possible price gain of 180%. On the other hand, if DOT Bulls cannot maintain the support level of $ 3.80, the Altcoin could slide to $ 2.30 with possible price objectives of around $ 1.25- $ 1.45.
Packadot market general description
At the time of publication, Polkadot is traded at $ 4.32 after a daily price decrease of more than 4% as indicated above. Together, the negotiation volume of the asset has been reduced by half in the last 24 hours and is now valued at $ 145.81 million. A price drop with the fall in commercial volume can indicate a reducing sales pressure that presents the potential of a price reversion as postulated by Ali MartÃnez.
Looking at the technical indicators in their daily chart, the Relative Force Index (RSI), used to determine the over -sales market conditions, is currently in 39 but is directed down. This reading adds more support for the optimistic bounce predicted of DOT. However, the price of the asset is well below its simple mobile average (SMA), which suggests that the projected price rally may not happen immediately.
Meanwhile, with a market capitalization value of $ 6.72 billion, Polkadot continues to classify the 30 largest cryptocurrencies in the world.
