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Title: DOT Has Potential To Rebound For Current Position Into A Rally



Jul 13, 2022 04:30AM ET


By: AnalysisWatch


Polkadot (DOT) continues its downward movement below the four-month trend line.

For DOT to truly make a comeback, the cryptocurrency needs to break above the 20 EMA.


If the current candle closes above immediate support, this could also serve as confirmation that DOT could see a rally.


Polkadot (DOT) continues its downward movement below the four-month trend line. The current price of DOT has found its place in the $6.45 area. If the cryptocurrency's price can bounce off this support, it could lead to some sort of revival.


Recent liquidations caused DOT to fall to its 17-month low on 13 June. After that, buying pressure picked up a little. Ultimately, however, the 20 EMA was able to keep the buying rally under control. For DOT to really make a comeback, the cryptocurrency stock needs to break above the 20 EMA.


If the current candle closes above the immediate support, this could also serve as confirmation that DOT could see a recovery.


Following DOT's recent bearish flag, the cryptocurrency's price fell almost 10% and approached the $6.4 baseline. This means that investors should look for a close beyond the $6.45-$6.5 range to create buying momentum.


However, if the DOT price fails to close above this range, the cryptocurrency could be poised for a decline. If the price falls below $6.4, this could lead to an 8-10% price decline for DOT.


According to CoinMarketCap, DOT is currently trading at $6.40, having fallen 1.28% in recent days and 6.60% in the last week.


The cryptocurrency's 24-hour trading volume is also currently down 6.34% and stands at $297,161,708.




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