Dynamic

Polkadot

The post <a href="https://coinpedia.org/price-analysis/dot-price-ignites-a-dynamic-recovery-with-21-jump-eyes-10/">DOT Price Ignites A Dynamic Recovery With 21% Jump, Eyes $10!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Rising the ranks in the top gainers chart with a boom in its market cap, the DOT price trend displays a remarkable comeback to the end of 2023. With the buyers pumped up by the channel breakout in the weekly chart, the bullish sentiments around Polkadot are on the rise.&nbsp;&nbsp; 
With the reversal rally concluding the long-term downtrend, the DOT price is gaining momentum and aims to reach $10. Further, as the overall market recovery is gaining traction, the <a href="https://coinpedia.org/price-prediction/polkadot-price-prediction/">Polkadot price prediction</a> signals a further bullish recovery.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="466" src="https://image.coinpedia.org/wp-content/uploads/2023/12/22132629/DOTUSD_2023-12-22_10-18-44-1024x466.png" alt="" class="wp-image-255597" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/22132629/DOTUSD_2023-12-22_10-18-44-1024x466.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/22132629/DOTUSD_2023-12-22_10-18-44-300x137.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/22132629/DOTUSD_2023-12-22_10-18-44-768x349.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/22132629/DOTUSD_2023-12-22_10-18-44-1536x699.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/22132629/DOTUSD_2023-12-22_10-18-44-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/22132629/DOTUSD_2023-12-22_10-18-44.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
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Source – <a href="https://www.tradingview.com/x/GREkfu6g/">Tradingview</a> 
Bouncing back from the lowest-ever point of 2023 at the $3.56 mark, the DOT price shows a remarkable recovery of 94% in the last three months. Further, the trend reversal marks the falling channel breakout rally in the weekly chart to exceed the 50W EMA.&nbsp; 
The breakout rally challenges the 23.60% Fibonacci retracement level in the weekly chart and teases a continuation of the bullish trend. This recovery marks the end of lower high formation and may shortly unleash the trapped bullish momentum with this breakout.&nbsp; 
Further, the recent 20% overnight jump in DOT price leads to an impressive bullish engulfing candle. Currently, the Polkadot price trades at $8.01 with an intraday fall of 4.87%, reflecting an intense pullback as bulls get exhausted.&nbsp; 
Technical Indicators: 
RSI indicator: The daily RSI line rises with the ongoing recovery, surpassing the 14-day SMA and the overbought boundary. The bullish scale remains more robust, with the momentum indicator approaching the overbought boundary. 
<h2 class="wp-block-heading" id="h-will-the-dot-price-reach-8-this-year">Will The DOT Price Reach $8 This Year?</h2> 
As altcoins prepare to skyrocket and end 2023 on a high note, DOT price exits the bearish path and enters the bullish highway. With the ongoing breakout rally and bullish preparations to extend the uptrend, Polkadot’s price may reach $10 if it maintains above the $8 level. 
In contrast, a downtrend will test the 50D EMA or the $6 level.

DOT Price Ignites A Dynamic Recovery With 21% Jump, Eyes $10!

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