DOT - Will it Bounce Back Up?

Crypto traders and investors are betting that the Polkadot coin (DOT) will grow in the coming weeks. Is it possible?

The main theme noticed on the DOTUSD chart is the dominant downtrend which directed the price of DOT from November 2021 until September 5 of 2022, where the price breaks that downtrend line and begins to draw a reversal pattern, called a Head and Shoulders.

Analyzing further where the reversal pattern is, it can be noticed how the price helps form the supports to draw both shoulders as well as the head of the figure. The figure is not yet complete, and it would be best to wait for confirmation before confirming if the figure is accurate, or that the market is simply deceiving its traders to continue its downward trend.

As previously mentioned, the reversal pattern is not complete, and to ensure its credibility, traders, investors and speculators should wait for the price to break the neckline; attempt to recover it and rise again in a forceful way.

The height of the neckline will measure how far the price will go when breaking the neckline, therefore, it is understood that the price should at least reach the top of the replicated head high. Hence, in the coming weeks, attention should be paid to the price of Polkadot, since if this figure fully-forms, the price could reach up to $11 in the coming weeks or months.