Polkadot Tests $5.50 Supply as DOT Price Jumps 48% in 30 Days

Making a sharp comeback in late October, the Uptober spirit pumps the DOT price from the bottom support of $3.56. Following the Uptober bull run, Polkadot sustains the breakout momentum and surpasses the $5 mark. 

Polkadot is on a bull run with an astonishing recovery rally, surpassing the 200D EMA and regaining the psychological mark of $5. With the overall recovery in the altcoins market, the Polkadot price prediction teases a high note ending for 2023. 

Source- Tradingview

The DOT price trend highlights a sharp V-shaped reversal from the 52W low at the $3.56 mark, resulting in a huge recovery. Further, the uptrend surpasses the 200D EMA with a spark in the intraday trading volume, indicating strong bullish support. 

With the overall market recovery being the key catalyst behind the Polkadot rally, the DOT prices are sustaining momentum. Moreover, the uptrend challenges the overhead supply zone at the $5.50 mark. 

With the recovery rally concluding the downtrend, the DOT price currently trades at $5.39 as the buyers struggle to surpass $5.50. Moreover, the overnight pullback of 3.95% forms a bearish candle with a long wick as Bitcoin steps back to the $36K mark, leading to a $307Million Liquidation. 

Technical Indicators:

RSI indicator: The daily RSI line continues to wobble near the overbought boundary but sustains the uptrend momentum. Therefore, the momentum indicator supports the $5.50 breakout thesis. 

EMA: The rising 50-day EMA teases a bullish crossover with the 200-day EMA to reclaim positive alignment.

Will The DOT Price Surpass $5.50?

With the ongoing recovery rally taking a short pause, the buyers are doubtful about a prolonged uptrend. However, the altcoins will surely regain their previous highs with the market-wide recovery and the growing anticipations around the ETF approval. 

If the DOT price overcomes the $5.50 supply zone, the altcoin price may shoot higher to $6. On the opposite end, a downtrend will challenge the 200D EMA to the $4.88 mark.