Is Polkadot [DOT] on the verge of initiating another recovery?
market structure staying bearish, a bullish recovery looked likely, due to the market showing signs of revival.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.
With the general market experiencing a price uptick, DOT buyers could benefit. The Chaikin Money Flow 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 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, further gains could lie at $5.50 to $6. A rejection at this level could sink DOT lower toward $4.5, especially if BTC doesn’t sustain its price rally.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Travel boom shows no signs of slowing, despite rising costsAirlines, hotels and analysts say travel has remained a top priority instead of a ‘nice to have’ purchase
Read more »
DOT suffers the wrath of the bears but recovery may be close. Here’s why…Although Polkadot showed some recovery on the price front, its social metrics didn't exactly paint an all-bullish picture. To add to the misery, DOT's price indicators also needed some recovery. Will DOT's position change?
Read more »
Consumer Price Index (CPI) Shows Smallest Back-to-Back Gain in Over Two YearsThe core consumer price index (CPI) rose 0.2% for a second month, marking the smallest back-to-back gain in over two years. The overall CPI also increased 0.2% in July and 3.2% from a year earlier.
Read more »
Former Roughnecks star Josh 'Shooter' Sanderson signs on as team's new head coachFormer Roughnecks star Josh 'Shooter' Sanderson signs on as team's new head coach yyc
Read more »
Nickelback love remains in Hanna after highway signs come downHanna, Alta., about 220 kilometres northeast of Calgary, removed in May signs declaring it was \u0022Proud to be the home of Nickelback.\u0022
Read more »