Popular Altcoin to Make Million-Dollar Payment Following SEC Lawsuit! - COINTURK NEWS
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Popular Altcoin to Make Million-Dollar Payment Following SEC Lawsuit!

5:13 pm (137 days ago)
July 26, 2023

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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