Polkadot (Dot) approaches the critical area: The reflection can lead to an increase of 180 %
Polkadot (DOT) prices decreased by 4.38 % last day, as the Habbiyah forces continued to have a stronger market control. According to data from Coinmarkketcap, the decrease in the price of Dot confirms only the form of the original in recent days as shown in a 7.99 % loss last week. However, the market analyst Ali Martinez assumes that this declining trend can soon lead to a positive thing.
Polkadot is close to the main support – can it turn and decrease to $ 10.80?
After the extensive prices that swept the encryption market last week, Bolkadot fell to less than the main support level at 4.47 dollars, indicating an increase in the declining pressure. According to Ali Martinez, Altcoin appears to go to a decisive support zone at $ 3.80, which may stop the current decline.
Based on AnalyzeDOT is subject to a wide range of monotheism that moves in a parallel channel that extends back to July 2023. Therefore, if the current declining direction continues, it is possible that altcoin will be re -testing at $ 3.80, which represents the lower boundaries of this parallel channel.
According to historical patterns, bulls are expected to interfere in the market in this support zone and increase demand to prevent further decline. Martinez explains that in the event of this projection, Polkadot can suffer from a price apostasy to about $ 6.40, i.e. the mid -parallel point.
With strong purchase pressure, DOT investors can expect the price to rise to about $ 10.80 ITHE The upper limits of the parallel canal, which represents an increase in prices by 180 %. On the other hand, if the Dot Bulls fails to retain the support level of $ 3.80, Altcoin can slip to $ 2.30 with potential price targets about $ 1.25 -1.45 dollars.
Overview of the Bolkadot Market
At the time of the press, Polkadot is trading at $ 4.32 after a decrease in daily prices for more than 4 % as mentioned previously. In Tawdef, the size of the asset circulation has decreased by half in the past 24 hours and is now 145.81 million dollars. The low price, with the decrease in the volume of trade, can indicate a decline sale, which represents the ability to reflect the price as it assumed on Martinez.
Given the technical indicators on the daily chart, the RSI indicator (RSI), used to determine the excessive market conditions in the peak or excessive area, is currently 39 but goes down. This reading adds more support for the expected ups of DOT. However, the price price is much lower than the simple moving average for 100 days (SMA), indicating that the expected high price may not happen immediately.
Meanwhile, with a value of 6.72 billion dollars in the market value, Bolkadot is ranked in the 30 largest encrypted currencies in the world.
