Polkadot Price Analysis: DOT Price Prepares To Bounce And Break The Triangle, Will It Reach $6.30?
Following the recent correction to $4.29, the DOT coin price finds footing at the base of the descending triangle. Making $4.29 a multi-contact support level, buyers are extremely confident of a bounce back within the triangle.
With a rounding bottom-like reversal, DOT price starts a positive cycle within the triangle pattern and may soon challenge the 50-day EMA.
The altcoins are teasing a bounce back with the recovery last night to give a bullish end to the consolidation phase. DOT price action displays a similar movement with the 2.45% jump overnight.
Currently, the DOT price trades at $4.61 with a Doji formation. However, an increase in buying pressure can draw out a green candle by the end of the day.
In the 1-week chart, Polkadot price prepares a second-morning star pattern at the crucial demand band at $4.29. Marking a third upcycle within the triangle, a bullish breakout is possible.
Supporting the bullish thesis, the weekly RSI line displays a long-coming bullish divergence at the $4.29 base.
Will DOT Price Reach $6.30?
With bullish reversal signals rising in multiple time frames, the DOT price may soon skyrocket to the resistance trendline. However, the Polkadot price must exceed the $5 mark for the trendline challenge.
With a potential breakout, the bullish rally will give Polkadot a chance to moonshot. The unleashed momentum can fuel the breakout rally to reach $6.30.
On the flip side, reversal within the triangle will retest the bullish dominance at the $4.29 support.