Polkadot Price Prediction: DOT hints at minor
retracement before resuming its rally Polkadot price faced rejection as it pierced
the supply zone that extends from $42 to $44.06. The MRI has flashed a cycle top signal, indicating
that DOT might experience a corrective phase. This correction could be dampened by the demand
barrier that ranges from $37.90 to $41. Polkadot price shows a slowdown in its bullish
momentum that has resulted in sellers taking over. Now, a minor retracement could push DOT into
a significant support barrier. Polkadot price halts midway to establish a
new trend On the 6-hour chart, Polkadot price showed
a substantial 22% upswing that pushed it into a supply zone that extends from $42 to $44.06.
However, the sellers overwhelmed the buyers,
which is causing DOT to slide lower. Contributing to this descent is the Momentum
Reversal Indicator (MRI)’s cycle top signal in the form of a red ‘one’ candlestick,
which forecasts a one-to-four candlestick correction. Going forward, investors can expect Polkadot
price to dip into the demand zone that extends from $37.98 to $41. If DOT stays inside the ranges mentioned above,
it is more than likely to continue its uptrend and take another jab at the supply barrier. A successful build of buying pressure will
quickly propel Polkadot price up by 20% to retest its all-time high at $48.36. The resistance level at $45.49 might hinder
the upswing. Therefore, investors need to keep a close
eye on it.The first sign of weakness will be seen when Polkadot price slices through
$38.70. A breakdown of the demand zone’s lower boundary
at $37.98 will invalidate the bullish scenario and lead to a minor retracement to $36.50. If the selling pressure continues, market
participants can expect the DeFi coin to slide toward the next demand barrier’s upper trend
line at $34.25.
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