- Polkadot price rebounds in a rising channel with short-term support at $6.80.
- The bullish outlook in DOT price is supported by a buy signal from the Super Trend indicator.
- Day traders throw their support behind a possible DOT price recovery to $10.00 as volume jumps 12% to $355 million.
Polkadot price is printing a bearish candlestick after bulls bowed to overhead pressure at $7.15. Despite this retracement, DOT’s value is up 20% from its most recent major support, marginally below $5.80.
Over the last 24 hours, trading volume across exchanges hit $355 million, representing a 12% spike. This shows that bulls are ready to defend Polkadot price from bearish advances mainly caused by early profit booking. If the immediate support at $6.80 holds, DOT could quickly stretch its leg to $10.00.
Polkadot price reaffirms $10-bound bullish move
Polkadot price holds within a rising channel that it has sustained for slightly over two weeks. The channel’s middle throughline prevented the intraday retracement from wiping out most of the gains accrued over the last two weeks.
DOT now dodders at $7.05 as bulls focus on printing a bullish 12-hour to a daily chart candlestick above the rising channel’s middle line support at $6.80. Traders must be aware of the potential resistance at $7.15, currently giving buyers sleepless nights.
Therefore, it is necessary to wait until Polkadot price makes a clean break above the hurdle before triggering buy orders for profit booking at $7.50, $8.00 and $10.00 levels, respectively.
DOTUSD 12-hour chart
The Super Trend indicator in the same 12-hour time frame adds credence to the bullish outlook after sending a buy signal. As the indicator overlays the chart like a moving average, it utilizes the average true range (ATR) in its calculations to gauge market volatility.
DOTUSD 12-hour chart
Traders can use this indicator to confirm the strength of a prevailing trend. For instance, the buy signal in the case of Polkadot shows that bulls have the upper hand, and the price is likely to keep trending north.
On the other hand, short-term sell positions may turn profitable immediately if DOT fails to close the day above support at $6.80. Traders shorting Polkadot will look for exit points at $6.40, $6.00 and $5.80, respectively.
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