DOT Technical Analysis: Cryptocurrency Is Preparing For A Rebound
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As we can see, buyers did not even allow to cover the body of the previous consolidation candle. This signal was immediately used by buyers, starting a new trading week with growth. By stopping the fall near the global growth trend, buyers have shown interest in the fight. Therefore, by the end of February, we expect the formation of a new DOT growth wave with the first local target of $24 and global $31. Trading volumes in the DOT market remain low and have not yet issued plans for buyers to launch a counterattack.
Technical Analysis Of DOT On The Daily Timeframe
Analyzing the movement of the DOT price on the daily timeframe, we can see that the critical level for buyers is $18. If on the weekly timeframe you can allocate a whole range of $17-$19, then on the daily one we see a slightly narrower liquidity zone. It was with $18 that buyers began a new growth wave on 31 January. However, the most important thing at the moment is to keep this mark. The unsuccessful attempt of sellers to break the $18 mark on 11-14 February started a new growth wave.
If buyers can break the $21.45 mark, the DOT price will increase significantly. In this mark, we see the local trend line, which sellers have been keeping since 27 December. It was then that a new local fall wave began. Therefore, by taking control of $21.45, buyers will finally take the initiative in the DOT market. In this case, the DOT price will quickly reach the first global target of $31.
The DOTBTC Price Tested The Range 0.00043
If in a pair to USDT the DOT cryptocurrency has completed its decline, the DOTBTC chart signals the likely continuation of the sellers trend. The weekly timeframe does not yet show signals of a reversal of the fall wave from November 2021. Yes, the DOTBTC price has come to the liquidity range of 0.00043 and has a chance to rebound. However, so far market participants have stalled in anticipation of the movement of BTC price.
But, in history, we can see that the mark 0.00043 played a key decision more than once. Even when the 0.00043 range could not completely stop the DOTBTC price fall, at least the price slowed down significantly within the range. Therefore, we expect at least a local rebound in the DOTBTC price to 0.00052. And on the dynamics of price movements, it will be possible to determine the DOTBTC growth prospects.