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Is Polkadot [DOT] on the verge of initiating another recovery?

Press Releases Crypto News AMB-Crypto Is Polkadot [DOT] on the verge of initiating another recovery?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

DOT’s price remained at crossroads.
Promising metrics could aid bulls’ rebound attempt.

Bitcoin’s [BTC] rally to $30k on 9 August spurred bullish sentiment in the market. Despite, Polkadot’s [DOT] market structure staying bearish, a bullish recovery looked likely, due to the market showing signs of revival.

Read Polkadot’s [DOT] Price Prediction 2023-24

Consequently, DOT posted decent gains of 4.5% over the past 48 hours to raise its price to $5.05, as of press time. If DOT can remain above $5 and BTC continues its bullish rally, a significant price rebound could be in the making for the native token of the Polkadot network.

Sellers lose steam after cracking the $5.23 support level

Source: DOT/USDT on Trading View

After a double price rejection on 14 July and 21 July at the bearish order block ($5.6-$5.85), bears broke the bullish defense of the $5.23 support level. However, sellers couldn’t extend the gains with buyers able to prop up the price at the $5 level.

With the general market experiencing a price uptick, DOT buyers could benefit. The Chaikin Money Flow (CMF) highlighted the growing confidence of buyers. The indicator pushed firmly from the zero mark and stood at +0.20 to show rapid capital inflows.

Similarly, the Relative Strength Index (RSI) revealed recovering buying pressure, as it edged closer to the neutral 50. This was after a spell around the oversold zone.

Bulls can expect to challenge bears for ownership of the fundamental $5.23 price level. If bulls successfully flip the level back to support, furthe

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Author: Suzuki Shillsalot

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