DOT Technical Analysis: Bullish Set to Make a Massive Reversal
Table of contents
Key Technical Points:
Past Performance of DOT
DOT technical analysis shows that the coin is currently in a bearish trend. The coin has been facing stiff resistance at $8.02. However, it has found some support at $6.72. The coin has been struggling to maintain its bullish momentum and has started to correct lower. The immediate support for the coin lies at $6.72 and any further dip might push the prices towards $5.60.
Looking at the 4-hour chart, the Polkadot price is trading well below the $8.02 resistance and the 100 simple moving average (SMA). The prices have recently bounced off the $6.72 support area and are currently consolidating in a narrow range.
Source- Tradingview
DOT Technical Analysis
The Relative Strength Index (RSI) indicator on the 4-hour chart is currently near the 50 level, which indicates that the market is neutral. The MACD is also trading in the bearish zone below the signal line. Therefore, DOT prices are likely to remain under pressure in the short term and can correct lower towards $5.60 in the coming sessions.
On the other hand, if the DOT prices sustain above $8.02, a move towards $9.20 and $10 is possible in the near term.
Upcoming Trend
If the DOT prices correct lower from the current level and break below the $6.72 support, the prices can decline towards the $5.60 support in the coming sessions. On the other hand, if Polkadot manages to sustain above $8.02, a move towards $9.20 is possible in the near term.