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Polkadot prediction as price slides after the recent breakout

ByNdasi Tata

Aug 2, 2022
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1657563561090 46c5704c e0e2 486a 8324 86199043ed7f

  • Polkadot’s DOT is cooling after a 20% weekly surge

  • The cryptocurrency could slide back to $8 as most cryptocurrencies correct

  • Technical indicators suggest that bullish momentum is underway

Cryptocurrencies are taking a breather after recent recoveries. Polkadot’s DOT/USD is one such cryptocurrency, although it is much of a consolidation. At press time, DOT was marginally up 1.77% in 24 hours. However, the total gains in the week are among the highest at 20.79%. Nothing prevents a correction for DOT, but we believe the price will shoot again.

It’s a quiet year for Polkadot’s DOT. The cryptocurrency topped $55 last year but now trades at merely $8.50. With recent gains, one of the key speculations is whether DOT will reclaim its former self. We find it might, but this could take a while.

DOT has already shown the enthusiasm to climb again. It happens, thanks to turning $8, the previous resistance, into support. We see the $8 level as the reference zone for buyers. A retracement is an opportunity to buy, and it’s already happening. 

Moving average crossover suggests a bullish moment for DOT

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Source – TradingView

Technically, the 14-day moving average moved above the 21-day moving average for DOT. That confirmed a bullish outlook as the price surged above the $8 resistance. Another bullish indicator is the MACD. The MACD line is yet to break below the moving average since June. That suggests that buyers accumulated DOT as it bottomed at $7.98 and are still relentless.

On a technical snapshot, DOT is bullish but could correct up to $8.0. For investors who bought at the bottom price, the token is still a hold as upside potential remains. New investors can consider buying lower.

Summary

Polkadot is bullish, but a correction is imminent. Moving averages and MACD indicators support a further rise. Investors should take advantage of a potential retracement to buy the token.

The post Polkadot prediction as price slides after the recent breakout appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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