Polkadot’s rate falls past $7– How does this impact DOT’s forecast?

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Published: December 11, 2023

Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of recommendations and is entirely the author’s viewpoint.

• Market structure stayed bullish due to the frustrating strength of purchasers in the last 5 days
• A retest of the $6.3-level will be most likely must DOT close a session listed below $6.8

Polkadot [DOT] has actually leaned highly north in December up until now. Regardless of the pullback from $7.68 over the weekend, the altcoin maintained its bullish market structure. Bitcoin’s [BTC] newest dip saw DOT decline substantially too.

It is possible that a short-term resistance level simply above $7 might rebuff bulls need to DOT bounce in the coming hours or days. What should traders look out for next?

Short-term relocation, subsequent retracement used some clearness en route forward

Source: DOT/USD, TradingView

From 7 December to 9 December, DOT saw a speedy relocation north from $5.9 to $7.69. Not long after, the bulls were repelled and rates for a moment dipped to $6.285 a couple of hours before press time.

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