DOT Technical Analysis: Buyers Ready To Blast Out Of The Falling Wedge

Key technical points:

Past Performance of DOT

DOT coin price shows a bullish retracement in the falling wedge pattern formed in the daily chart resulting in a price jump of 15% last week. The increasing bullish pressure shows a high likelihood of a bullish breakout of the falling wedge along with the 50-day EMA. As a result, the breakout rally could reach the 200-day EMA at $25. 

Source-Tradingview

DOT Technical Analysis 

DOT coin price action shows the possibility of a bullish breakout of the falling wedge as the Fantom coin jumped almost 10% in the last 48 hours. 

The down trending 50-day EMA provides a constant dynamic barrier to keep the bullish growth in check. Therefore, the 50-day EMA breakout will provide an excellent entry point for buyers with a target of $25. 

RSI Indicator: The RSI slope jumps to the 50% mark as the 14-day average rises. The slope entering the nearly overbought zone will generate a buying opportunity. Moreover, the bullish divergence is quite evident in the slope.

Stochastic RSI Indicator: The K and D lines restart the bull cycle with the sudden reversal in the neutral zone. The lines may shortly enter the overbought zone as the V-shaped reversal has boosted the momentum.

In a nutshell, DOT technical analysis gives a bullish vibe, but the pattern breakout will have the last call.

Upcoming Trend 

DOT coin price might surpass the $20 psychological mark if buyers outshine the sellers at the 50-day EMA and reach the 200-day EMA at $25. However, a reversal from the resistance trendline will further continue resonance within the falling wedge.

Support Levels: $15.5 and $14

Resistance Levels: $20 and $22