Polkadot (DOT) Must Retest Crucial Support To Sustain Uptrend
Polkadot (DOT) has been on a roll, notching a 107.5% price gain in the last 30 days ¹. The cryptocurrency recently surged to $8.81, its highest price point in the past five months. However, to sustain its uptrend, DOT must retest a crucial support level.
*The Crucial Support Level*
According to crypto market expert Rekt Capital, Polkadot must retest the $8.60 support level to maintain its current upward trajectory ¹. This level was previously a resistance level but has now turned into support. Rekt Capital predicts that DOT will likely retest this level, which could lead to a bullish run.
*The Importance of a Successful Retest*
A successful retest of the $8.60 support level is crucial for DOT's uptrend. If DOT fails to retest this level, it could lead to a 32% decline in price, similar to what happened in April 2024 ¹. On the other hand, a successful retest could lead to a significant price gain, with Rekt Capital predicting a rise to $12.61.
*Market Sentiment and Adoption*
The general market sentiment on DOT remains highly bullish, with a Fear & Greed Index of 78 representing extreme greed ¹. Additionally, stablecoins adoption on Polkadot continues to grow, with the total valuation of USDT and USDC on the blockchain network recently reaching $120 million ¹. This development indicates increased liquidity and trading activity that could drive up DOT's price.
*Conclusion*
Polkadot (DOT) must retest the crucial $8.60 support level to sustain its uptrend. A successful retest could lead to a significant price gain, while a failed retest could result in a decline in price. With the general market sentiment remaining bullish and adoption growing, DOT's future looks promising.$DOT
