Polkadot Undergoing a Pivotal Retest—Can the Bulls Break the Barrier & Reach $6?
The post Polkadot Undergoing a Pivotal Retest—Can the Bulls Break the Barrier & Reach $6? appeared first on Coinpedia Fintech News
Polkadot price experienced a 200% increase during the Q4 2024 rally, which elevated the levels from the lows around $3.61 to as high as $11.61. Similar to the rejection in March 2024, the price faced a similar pullback that compelled the token to remain under bearish influence. However, the platform continued to experience a notable rise in liquidity since the start of the month, which suggests that a massive price action could be fast approaching. But the question arises as to whether the bulls can manage to push the price above the crucial resistance at $5.35.
The year 2025 can be denoted as the year of ETFs, as more and more cryptos have been included in the list. The latest one to join is Polkadot filed by Grayscale, which has turned the market participants bullish on the upcoming DOT price rally. The volume, which was constantly decreasing, witnessed a sudden rise, indicating a rise in the trader’s attention over the token. Therefore, the price, which is trying hard to break the resistance, could reach $6 if the bulls manage to sustain above these important ranges.
As seen in the above chart, the DOT price is testing the descending trend line, which has been a strong resistance since the start of the year. On the other hand, the RSI has also remained consolidated within the lower bands and MACD in the negative range during the same period. However, the MACD, which was about to undergo a bearish crossover, diverges while the RSI attempts to rise above the average levels.
Therefore, if the bulls trigger a breakout above the range, then the price may reach the crucial resistance at $5.39. Breaking this resistance is very important to keep up the bullish momentum; otherwise, the price may face a rejection and remain accumulated within the range. However, the rise in the OBV & CMF suggests a rise in the bullish strength with a notable increase in the liquidity. Hence, the Polkadot price is expected to maintain a consolidated ascending trend and rise above $6 shortly.
