BTC-Newswire

Polkadot: Here’s where bulls can look to re-enter following resistance breach

Press Releases Crypto News AMB-Crypto Polkadot: Here’s where bulls can look to re-enter following resistance breach

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

Polkadot has breached an important area of resistance.
Although the reaction wasn’t strongly bullish yet, it was likely that DOT would rally toward $7.

Polkadot has performed well on the price charts over the past two weeks. The token has noted gains of 15% measuring from 9 April to 18 April, and more green could follow.

Bitcoin was also quick to recover after a drop to the $29.2k level, which suggested buyers had some strength, but not enough to force another rally.

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

Polkadot bulls managed to drive prices above a bearish order block which acted as a stern resistance since 27 February. This move meant further gains could materialize in the coming days.

The bullish breaker could be retested once more

Source: DOT/USDT on TradingView

The bearish order block mentioned previously lay at the $6.6 region, but over the past week, it has been broken. A 4-hour trading session close above the order block flipped it to a bullish breaker, and so far, buyers have defended this area. It was highlighted in cyan, and it was likely to be tested once more.

This was because the most recent lower timeframe pump went from $6.57 to $7 on 18 April. This surge in prices occurred quickly and left behind an imbalance on the charts. If this fair value gap, extending from $6.72 to $6.82, was retested, it would likely give a bullish reaction.

Realistic or not, here’s DOT’s market cap in BTC’s terms

The market structure was bullis

Go to Source to See Full Article
Author: Akashnath S

Did you like this?
Tip BTC Newswire with Cryptocurrency