![Polkdot [DOT]: Bulls focused on $8 – Is it even attainable?](https://i.headtopics.com/images/2023/2/20/cryptoamb/polkdot-dot-bulls-focused-on-8-is-it-even-attainab-polkdot-dot-bulls-focused-on-8-is-it-even-attainab-1627511611404451841.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion DOT was strongly bullish on the daily price charts at the time of writing. DOT’s Funding Rate was positive, and sentiment improved. Polkadot [DOT] bulls were upbeat about the $8 value after overcoming a […]
DOT faced significant challenges despite the rally witnessed in the past several weeks. At the end of January, it went into an extended consolidation phase and oscillated between $6.103 and $6.614. It broke above the range on February 3 but hit the supply zone at $7.000, prompting it to break below the ascending line.
The price rejection at $7.000 set DOT into a correction and lost about 14% of its value. But the plunge was checked by the previous $6.103 support level. After that, the recovery inflicted by bulls cleared the obstacle at $7.000 and flipped the resistance into support. At the time of writing, the support was confirmed, clearing bulls to target higher resistance levels. Long-term bulls could target $8 if they cleared another hurdle at $7.751.
A break below the $7.000 resistance-turned-support will invalidate the bullish thesis. Such a downswing will tip bears to look for shorting opportunities at $6.614 or $6.103. An extremely bearish scenario could see DOT hit the $5.000 level.
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