POLKADOT PRICE ANALYSIS & PREDICTION (December 7) – Polkadot’s Volatility Low Amid Latest Drawdown, Signals Potential Sell

2024-12-8 09:04

Amid the latest drop, DOT showed signs of weakness after charting an impressive gain in the past month. However, the overall outlook remains bullish on the daily chart but will likely lose momentum soon.

Dot’s trend is still looking bullish from a short-term perspective as the price continued to increase amid steady volume inflow in the past week.

However, trading appeared to be reaching an exhaustion point as buying volume turned low since the price bounced off the $7.5 level last week. Rejecting $12 in the mid-week, it paused buying and lost grip. Looking at the daily chart, the price is currently weak following a 2% loss today.

The hourly chart suggests a potential sell as the bears slowly step back, although they are still facing hurdles at the key $10 level. If they mount pressure at this key level, the price may fall while it loses momentum.

Such a scenario could trigger a major retracement in the market before resuming a bullish rally. Should the bulls regroup above the mentioned key level, we can anticipate more surges before initiating a retracement.

As of now, the bulls are taking charge. Even if they lose control, we can expect a quick recovery as the entire crypto market now follows positive sentiments. The bears will likely suffer more losses in the future.

DOT’s Key Levels To Watch Source: Tradingview

The nearest support level to consider for drops right now is $8.45, followed by the $7.55 level that produced a rebound in late November. The $6.15 level is the lower support to watch for a broader sell.

If Dot advances bullish from the current trading level, it must retake the weekly $11.7 high, followed by a break to $13. Above it lies $15.

Key Resistance Levels: $11.7, $13, $15

Key Support Levels: $8.45, $7.55, $6.15

Spot Price: $10 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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