bullish

2024

Polkadot

Resistance

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/polkadot-faces-resistance-but-shows-bullish-signals/" data-wpel-link="internal">Polkadot Faces Resistance but Shows Bullish Signals</a><br></p>
<p style="text-align: justify">Altcoin <strong>Polkadot</strong> (DOT) has recently been in a significant position in the <a href="https://en.coin-turk.com/bitcoin-price-reaches-69000-as-altcoins-remain-stable/" data-wpel-link="internal">cryptocurrency market</a>. Although the DOT/USDT pair managed to break the $5 resistance level, it faced a strong rejection at this level. The resistance clearly shows that DOT is struggling at $5.</p> 
<h2 style="text-align: justify" id="what-to-expect-for-dot">What to Expect for DOT?</h2> 
<p style="text-align: justify">DOT is stuck between the $2.5 and $4 range, facing strong resistance on daily and weekly timeframes. Currently, the pair is showing an upward trend within a parallel channel, signaling recovery with support from the weekly support level. This support level has rejected DOT’s price downward five times. This resistance plays a significant role in the current <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a>.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-383183 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/dot-usdt.jpg" alt="" width="1266" height="589"></p> 
<p style="text-align: justify">DOT is seen consolidating within a falling wedge formation on the daily chart. Such a formation usually indicates a potential bull market reversal. The price movements of the DOT/USDT pair may have formed a bottom, signaling a possible upward trend. The anticipated altcoin season in the fourth quarter of 2024 could particularly support this rise.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-383184 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/dot-rsi.png" alt="" width="1297" height="668"></p> 
<p style="text-align: justify">The weekly support level and stochastic RSI (Relative Strength Index) also provide positive signs for DOT’s potential <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> rise. The stochastic RSI of DOT/USDT is currently oversold, indicating that this week’s gains could be the beginning of a larger trend. Additionally, expected interest rate cuts are predicted to have a positive impact on altcoins.</p> 
<h2 style="text-align: justify" id="polkadot-s-open-interest-supports-the-rise">Polkadot’s Open Interest Supports the Rise</h2> 
<p style="text-align: justify">Polkadot’s open data also supports the bullish trend. <strong>DOT</strong>‘s open interest currently shows a positive OI-weighted funding rate. The rate reflects investors’ confidence in rising prices. DOT’s market value is currently at $7.2 billion, with a 24-hour trading volume recorded at $143 million. The figures indicate a 15.13% increase, showing market stability with minimal price fluctuations.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-383185 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/dot-open.png" alt="" width="916" height="248"></p> 
<p style="text-align: justify">Despite testing the resistance at the $5 level, from a broader perspective, Polkadot’s bullish signals remain strong. Polkadot is well-positioned for potential gains, supported by strong technical formations, positive market sentiment, and stable market data.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/polkadot-faces-resistance-but-shows-bullish-signals/" data-wpel-link="internal">Polkadot Faces Resistance but Shows Bullish Signals</a></h5>
<p>The post <a href="https://en.coin-turk.com/polkadot-faces-resistance-but-shows-bullish-signals/" data-wpel-link="internal">Polkadot Faces Resistance but Shows Bullish Signals</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Polkadot Faces Resistance but Shows Bullish Signals

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