Polkadot Exhibits Signs of Recovery Amidst Subdued Volatility

Amidst a nascent recovery in the altcoin market, Polkadot (DOT) faces resistance below $9.6. Despite forming a bullish pattern on the 4-hour chart, low buying volume and volatility hinder significant gains. The immediate resistance levels to monitor are $10, $10.65, and $11.3, while key support lies at $8.58. If DOT breaks below $8.58, it could trigger a sell-off to $7.85 or even $7.3. The overall trend remains bearish, and volatility remains high.

Polkadot Shows Signs of Recovery, but Volatility Remains Subdued

While some altcoins have exhibited a modest recovery over the past 24 hours, Polkadot (DOT) continues to consolidate below a minor resistance level. Despite forming a bullish pattern on a shorter timeframe, volatility remains relatively low, limiting its upside potential for the time being.

Recent Price Action

The recent correction in Polkadot's price appears to have abated following a broader market rally. While the cryptocurrency remains in a downward trend on the daily chart, the formation of a bullish double-bottom pattern on the 4-hour chart suggests a potential shift in momentum.

This pattern emerged after Polkadot established support above $8.50 earlier this week. Bulls are currently attempting to push the price above the $9.60 level, which would confirm a buy signal on the 4-hour timeframe.

Technical Analysis

On the daily chart, there are no significant obstacles for Polkadot's bulls until they reach the current monthly high. Breaking through this level would trigger further gains and confirm a continuation of the upward trend from a mid-term perspective.

Conversely, if the price falls below the recently established low, it could trigger a more significant sell-off.

Volatility and Key Levels

Trading volatility for DOT remains subdued, suggesting that a notable surge could occur when volatility expands.

Key Resistance Levels:

• $9.60
• $10.00
• $10.65
• $11.30
• $11.87

Key Support Levels:

• $8.58
• $7.85
• $7.30

Spot Price: $9.16

Trend: Bearish

Volatility: Low

Disclaimer: This information does not constitute investment advice. Always conduct thorough research before making any cryptocurrency or investment decisions.