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Polkadot has seen persistent downtrends like most digital assets within the past months. This phase had the 2-month trend-line resistance checking the latest bullish resurgence attempts. The current price structure reveals an interesting stance. Rebounding from the long-term foothold might position DOT for short-term upticks.

Nevertheless, the overall market structure remains in sellers’ favor. That can see DOT losing the $7 support before extending its declines within the upcoming sessions. While publishing this blog, Polkadot traded near $7.25, 8.59% up within the past 24 hours.

Polkadot Daily Timeframe

The latest slump dragged Polkadot to 17-month lows on 13 June, following a more than 32% 3-day fall (10 June – 13 June). Buying momentum seemingly witnessed an uptick after this drop. Therefore, the alternative token formed a bullish hammer on its 24hr chart after several red candlesticks.

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Polkadot’s symmetrical triangle breach cleared the road to hit the 8-month trend-line support. Meanwhile, the current candle closing beyond the hammer would authorize the near-term buying strength.

Traders should watch for any closing above $7.5 to gauge the buying pressure’s effectiveness. Considering the bullish hammer, $7.03 support, and the trend-line foothold, DOT might witness a near-term recovery to explore $8.6.

Failure to close above $7.3 might amplify the sluggish movements in the upcoming sessions. A downward move beneath $7 would open the path for another 8-10% decline.


The Relative Strength Index dipped inside the oversold territory following consistent attempts to overcome the 44-bonds. Possible growth from this mark might aid Polkadot’s near-term recovery projections.

Nevertheless, the Moving Average Convergence Divergence still depicted a massive bearish preference within ongoing market dynamics. Moreover, the –DI appearing south might see DOT registering selling momentum ease in the short-term.

Final Thought

Several support confluences near $7 plus the bullish hammer confirms a possible short-term revival that might push DOT towards $8.6. Such scenarios would mean buyers waiting for a closing beyond $7.3. Nevertheless, a broad market outlook remains crucial to complement Polkadot’s technical factors for profitable moves. A decisive plunge beneath $7 support might trigger undesired plummets.

Stay tuned for upcoming crypto updates.

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Franklin Smith

By Franklin Smith

Franklin Smith is a Senior Crypto Journalist and Analyst at Herald Sheets, with over seven years of experience in the cryptocurrency and blockchain industry. Known for his insightful articles and in-depth analysis, he is an influential voice providing valuable insights to investors and enthusiasts. Franklin holds a bachelor's degree in Journalism and Communications from the University of California, Berkeley.