Polkadot Is Predicted To Continue, Here Are The Indicators!

Polkadot is predicted to soar (Photo; Doc. Cryptotendensia)

JAKARTA - Polkadot (DOT), is currently at a crucial point in price movements. Despite having experienced a monthly decline of 7.86%, the latest technical analysis shows that DOT has the potential to experience a significant price spike if it manages to pass through the important resistance zone at 4,463 US Dollars (around Rp. 67,815).

Technically, Polkadot shows an interesting pattern with movement in the form of an ascending triangle, which is often the starting signal of a large rally. Currently, DOT is struggling in the resistance zone, and a short-term trend shows a slight drop towards its next support zone at 4,277 US Dollars (around Rp64,989). However, analysts believe that around this support level, purchasing power will be large enough to push DOT through the key resistance. If this happens, the next price target is 5.1 US Dollars (approximately Rp77,494), signaling a substantial increase potential in the upcoming trading session.

Interest from retail traders towards Polkadot is also getting higher. Data from Coininglass shows that market sentiment towards DOT is very positive, especially in terms of futures contracts (futures). This shows the strong belief from big investors that the price of DOT will rise in the near future. The OI-weighted sentiment, which calculates market sentiment taking into account open positions in future contracts, also shows the dominance of buyers. This further strengthens expectations that Polkadot has the potential to rise from previous price pressures.

In addition, there was a massive liquidation from the position of sale (short position), with traders betting against DOT experiencing losses of up to 64,880 US Dollars (around Rp. 985 million). This indicates that many parties predict that the decline in DOT prices will actually suffer losses because market trends are not in their favor.

Other technical indicators, such as Relative Strength Index (RSI), show that the market for Polkadot is still strong. The DOT RSI shows a stable rise, with a higher high trend signaling the presence of a bullish force that is ready to push the price higher. However, before experiencing a rally, there is a possibility that the DOT will experience little correction and drop near the support level at 4,277 US Dollars (around Rp64,989). After that, it is predicted that there will be a strong price spike, with a nearest target at 5.1 US Dollars (around Rp77,494).