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Peter Oleshchuk
Nov 30, 2021
by Peter Oleshchuk

DOT Technical Analysis: Cryptocurrency Is Not Interested For Investors Now

DOT

Table of contents

  1. DOT Technical Analysis On The Daily Timeframe
  2. The DOTBTC Price - The Minimum Fall Prospect Is 10%
A confident price exit from consolidation up. Unfortunately, this key target was beyond the reach of buyers in the global timeframe of the DOT market. Looking at the weekly chart, we can see that the victorious breakdown of consolidation at historical highs in mid-October took place at low volumes. In addition, the DOT price has not begun an active growth phase, as happens after a real breakdown of consolidation. The slow local upward trend has just as easily changed to a local downward trend. Over the past three weeks, the DOT price has fallen by more than 30%. And in the global perspective, this may not be the end.

TradingView Chart

At the moment, sellers have lowered the price to the first local critical point - the range of $34-$35. This range stopped buyers on the way to updating the historical high in August 2021. In addition, analyzing the consolidation of the DOT price in March-May 2021, the range of $34-$35 was the main support for buyers. It was after the loss of this range that the DOT market finally collapsed. Therefore, the loss of the range of $34-$35 in the weekly timeframe will mean the continuation of the medium-term growth wave with the final target of $20. The intermediate target from which the rebound should take place is the $27 mark.

DOT Technical Analysis On The Daily Timeframe

DOT

Looking at how buyers are trying to protect the local critical point of $34-35, it seems that their strength is not enough in this range. Note that one daily candle of sellers, buyers tried to cover for 3 days. And they never succeeded. In just half a day on 30 November, sellers have completely absorbed the previous candle and have every chance of continuing to fall within the local fall channel. Therefore, until we see increased trading volumes during the local fall of the DOT price, it is too early to talk about signals of market reversal.

The DOTBTC Price - The Minimum Fall Prospect Is 10%

TradingView Chart

The last weekly candle on the weekly DOTBTC chart closed horribly to continue to the price growth. Sellers were able to close the weekly candle almost without a pin, lowering the price for the week by 15 percent. Basic buyers' support is in the range of 0.00055-0.00059. If the trading volumes do not increase in this range and the price does not start to slow down - this will be a bad sign for DOT investors. Given the fact that the BTC dominance is not growing and this gives a chance to other cryptocurrencies to achieve their targets, the DOT market at the moment looks weak. We would recommend joining it only after the appearance of volumes on global timeframes.

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DOT Technical Analysis: Cryptocurrency Is Not Interested For Investors Now
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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