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Although Polkadot's price movement is moving within the Bearish Pitchfork channel on its 4-hour chart, since its weakening it has been stuck at the support level of 7.5700 which at the same time formed a Double Bottom, but the Awesome Oscillator indicator has formed a Higher-High and is supported by its price movement which is currently above the MA 200 which has a slope that dives upwards, so in the near future Polkadot has the potential to strengthen where the level of 9.6634 will be tested to be broken and closed above it. If successful, Polkadot has the potential to continue its strengthening to the level of 10.8875 and if the momentum and volatility support it, 12.0771 will be the next target to be achieved, but all of these strengthening scenarios will be invalid if on the way to the target levels there is a sudden significant weakening, especially if it breaks through and closes below the level of 6.4037.
(Disclaimer)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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