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NullTx 2025-01-31 18:53:42

POLKADOT PRICE ANALYSIS & PREDICTION (January 31) – DOT Bounces Above $6 After Weeks of Heavy Correction, Will It Hold?

DOT’s price has seen a significant decrease since it rejected a key level last month. This has put the market in a deep correction phase, but the price currently looks strong following a 4% surge since yesterday. The past weeks have been turbulent in the crypto space as DOT lost over 6% in a month. The loss paved the way for the bears and they are now gaining control of the market. However, it is important to note that the market is still in favour of the bulls on the macro level as the recent lower high and lower low pattern is considered a corrective phase from a short-term perspective. Meanwhile, the price is up today following a small increase from $5.5. If this price level holds as support, it may see a strong recovery capable of restoring bullish actions. Should that happen, the asset must retake the previously monthly high before confirming a strong bullish move. As of now, the market is under the bears’ radar. If they mount pressure again, we can anticipate another leg down until the market finds a solid support level for a recovery. Currently, there’s nothing much to worry about as the bottom is closer than expected. If the bulls act upon the recent low by defending it well, we may see a quick reversal pattern to restore buying pressure back in the market. DOT’s Key Levels To Watch Source: Tradingview Following the lower high move, DOT aims to retest the $6.85 level as resistance. A push above the previous monthly $8 high should send us to the $9.67 resistance before reclaiming $11.65, where a trend shift lies. A drop below $5.5 may cause more bearish actions. If that happens, the potential support to consider for tests is $4.7, followed by the $3.9 level. Key Resistance Levels: $6.85, $8, $9.67 Key Support Levels: $5.5, $4.7, $3.9 Spot Price: $6.195 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: marselin888/ 123RF // Image Effects by Colorcinch

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