The price of Polkadot (DOT) has begun its comeback journey, bouncing off the crucial $6.2 support level after a period of heavy selling pressure. This key price floor has proven its strength, giving bulls the confidence to re-enter market. Indicators of pre-sale conditions a ability reversal, and DOT is now climbing gradually, raising new hopes among traders who hope for a stronger movement in the coming days.
With technical indicators converging to support a recovery narrative, DOT's ability to sustain and build on the current bounce will be key in determining its next price level. Will this gradual comeback pave the way for Polkadot to recover from the recent downturn, or will bearish pressure appeal itself?
Polkadot revival in focus: Can bulls keep momentum?
After the rebound at the $6.2 support level, the price of DOT is now showing early signs of recovery. DOT is slowly but steadily trying to push higher, with its sights set on reaching the 4-hour Simple Moving Average (SMA). This moving average acts as a key technical indicator for short-term trends, and a move towards it indicates that Polkadot is gaining strength in its movements. revival effort
Additionally, a gradual increase in DOT prices indicates a shift in market sentiment, moving from bearish to more neutral as buyers cautiously re-enter the market. The $6.2 support level has provided a solid base, which allows the price to stabilize and begin an ascent.
As the indicator approaches the 4-hour SMA, it will come across a critical point where the bulls will have to show their strength by crossing this level. A successful break above the SMA could encourage more to winconfirming that the bullish momentum taking hold.
Technical indicators are starting to show positive signs for Polkadot, with the Composite Trend Oscillator showing a promising trend. Currently, the indicator, which combines several technical indicators, indicates that DOT is in oversold territory, suggesting that the cryptocurrency may be ready to reverse as buying interest begins appears.
However, the journey to the SMA is still in its early stages, and the recovery is still weak. A failure to hold above the $6.2 support or break through the SMA could stop Polkadot, which could allow bearish pressure to resume.
Key levels of resistance to look forward to
As Polkadot is trying to keep up given its momentum, key levels of resistance will play a critical role in determining whether the recovery can continue. The first major resistance to watch is around the $7.7 mark, which could act as a barrier to a move higher. A break above this level would indicate a bullish trend strengthpaving the way for a move towards higher price targets.
Additionally, the $9.8 range could present challenges as DOT works to establish a firmer increase. Keeping an eye on these the face levels will be crucial in assessing whether Polkadot can maintain its upward trajectory or whether bearish forces will regain control.
