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Polkadot (DOT)
Polkadot (DOT) price has failed to break an important diagonal resistance line for the fourth time. Although the readings on the daily chart are uncertain, there is a possibility of an upward movement in the short term. The readings on the daily chart show that DOT price has fallen below a declining resistance line since its annual high of $7.90 on February 23. More recently, this line resulted in a rejection on July 21. This marks the fourth rejection since the aforementioned yearly high.
Since then, the DOT price has declined. However, it is still trading above the $5.20 horizontal support area. Therefore, the price is very close to the intersection of the $5.20 level and the declining resistance line. Whichever is broken first will determine the future trend direction.
DOT Coin Chart Analysis
In the short term, the readings on the six-hour chart show a slight upward trend. DOT price has been trading within a rising triangle since July 7. A rising triangle is considered a bullish formation, meaning a breakout from it could form the basis for a larger rally.
Currently, DOT is trading very close to the support line of the triangle. Therefore, if the formation is proven correct, a sharp bounce will occur soon, eventually leading to a breakout. If this happens, it will also result in a breakout from the long-term descending resistance line. As a result, a rapid jump to $6 appears to be the most likely scenario.
Despite this bullish prediction for DOT Coin price, losing the support line could cause a drop to $4.8. The overall market conditions in the coming hours seem to shape the movement of DOT Coin specifically.
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