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Home»ALTCOIN NEWS»The price of Polkadot has surpassed $7. How does this affect DOT’s forecast?
ALTCOIN NEWS

The price of Polkadot has surpassed $7. How does this affect DOT’s forecast?

By Crypto FlexsDecember 11, 20232 Mins Read
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The price of Polkadot has surpassed .  How does this affect DOT’s forecast?
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Posted on: December 11, 2023

Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.

  • The market structure has remained strong due to overwhelming buying power over the past five days.
  • If DOT closes the session below $6.8, it is likely to retest the $6.3 level.

Polkadot (DOT) has tilted strongly northward so far in December. Despite falling from $7.68 over the weekend, the altcoin maintained a bullish market structure. The recent decline in Bitcoin (BTC) has also set DOT back considerably.

A near-term resistance level just above $7 could reject the bulls if DOT rebounds in the coming hours or days. What should traders look out for next?

The short-term move, followed by a retracement, provided clarity on the way forward.

polka dotpolka dot

Source: DOT/USD, TradingView

From December 7 to December 9, DOT quickly rose from $5.9 to $7.69. Soon after, the bulls fought back and the price briefly fell to $6.285 a few hours before press time.

The explosive rally above $7 used to draw a series of Fibonacci retracement levels (turquoise). The 78.6% retracement level was $6.284 and the Polkadot price was withdrawn. So two scenarios are possible: What is optimistic is that DOT does not fall below $6.8 and rises higher.

A slightly bearish scenario would be a slow decline towards $6.285 once again, at least in the short term. After this decline, the upward trend may resume. In both cases, the next bullish target north is $7.9. This is a higher period resistance level. The $8.21 and $8.8 levels could also deter buyers.

According to liquidation data, a rebound above $7 is likely.

polka dotpolka dot

Source: Highblock

AMBCrypto analyzed Hyblock’s liquidation level data. Cumulative Liq level delta has been steadily decreasing over the past few days. It recently fell to $6.3 and went into the red, suggesting that the uptrend could cause pain in the futures market.


Read Polkadot (DOT) Price Prediction for 2023-24


The low leverage short position was opened on December 11 with an expected liquidation level of $7.12. Combined with negative delta, this allows for a price rally to gather liquidity before a reversal is possible.

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