DOT Prices Turn From $6.5 Teasing A Jump Above The $8.75 Mark

After falling almost 45%, resulting in the wedge fallout, the Polkadot (DOT) prices prepare to launch a bull run from $6.55. The long-wick candles indicate the possibility of a trend reversal. But will the buyers exceed the opposing 50-day SMA that gain bearish momentum? Key Points: The DOT market price regains bullish trend momentum teasing a bull run shortly. The crucial daily SMAs of 50, 100, and 200-day gains bearish momentum after the recent downfall. With a market cap of $8.35 billion, the intraday trading volume of Polkadot has increased by 7% to reach $345 million. Source – Tradingview DOT Technical Analysis The bullish reversal in the DOT prices formed a rising wedge in the daily chart accounting for a price jump of 43% between 25th July and 14th August. After that, however, the prices took a bearish turnaround from the 100-day SMA and the overhead resistance trendline resulting in a bearish breakout. The correction phase breaks below the 50-day SMA and accounts for a 25% price fall within a fortnight. The buyers, however, at $7, cushioned the downfall resulting in low price rejection candles and bouncing the prices higher. A bearish influence over the daily candle accounts for a 1.57% drop, but the lack of trading volume projects the possibility of a bullish turnaround. If the market price exceeds the 50-day SMA, the DOT prices can boom to the $8.75 resistance level. However, a downtrend continuation below $6.55 can ...