A Breakout Above This Level Could Help Polkadot Recover On Chart

Polkadot has witnessed continued downfall in price since the last month. It has now established its support level at $6.30, however, the coin has been trading very close to that support level. After it broke below the $6.66 support line, the coin has spiralled downwards. It retested the $6.30 level the past month. Technical outlook for the coin displayed build up of bullish pressure. The price of the altcoin has remained sandwiched between the $6.58 and $6.30 levels over the last trading sessions respectively. DOT has continued to face rejections at the $7 level and that had exhausted the bulls on the chart. Broader market weakness is also to be blamed for DOT’s mundane price action. DOT briefly traded below the support line of $6.30 in July which had led to a sell-off on the chart. Indicators display recovery of buying strength. If buyers regain the momentum then there is a chance for DOT to climb above its immediate resistance mark. Polkadot Price Analysis: Four Hour Chart DOT was trading at $6.53 at the time of writing. If the coin manages to trade at this price level for a significant period of time then it might topple over the $6.66 resistance mark. Once it moves above the $6.66 mark, Polkadot can attempt to revisit the $7 price ceiling. If Polkadot trades above $6.80 then it could invalidate the bearish thesis for the coin. On the flipside, being stuck at the present price level for too long could drag DOT down to...