Polkadot: Reasons DOT’s latest dip could turn into a buying opportunity

A pullback into a daily bullish order block- could the rally continue?From 21 October, Polkadot witnessed sizeable gains. This could be stated considering DOT’s bounce from $5.73 on 20 October to $7.42 on 7 November, a move that measured nearly 30%.

At $6.16, a bullish order block was observed. There was a good chance that this area would see a positive reaction from the price due to the confluence with the $6.16 support level. The Relative Strength Index remained above neutral 50 on the daily chart to show that momentum remained biased in favor of the buyers. Yet, the On-Balance Volume didn’t see a surge in recent days, which somewhat undermined the idea of a strong rally for DOT in the past week.Despite the rally from $5.7 in October, weighted sentiment has not been positive.

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