DOT Technical Analysis: Polkadot in an Uptrend Today
Table of contents
Key Technical Points:
Past Performance of DOT
DOT technical analysis is bullish for today. The DOT/USD pair is currently trading at $7.26 and is up by over 3% in the last 24 hours. On the 4-hour chart, the price has found support at $6.62 and is trading above the 20-day moving average ($6.95) and 50-day moving average ($6.69). Looking at the candlestick chart, we can see that DOT prices have formed a bullish engulfing pattern, which signals a reversal in the current downtrend. Therefore, we recommend buying DOT at $7.26 with a stop loss of $6.62 and a target of $8.00.
Source- Tradingview
DOT Technical Analysis
The RSI indicator is currently at 54.53 and is rising, indicating that the bulls are in control of the market momentum. The MACD histogram is also positive and rising, confirming the bullish DOT price trend. From a technical standpoint, DOT looks bullish for today. The pair is trading at $7.26 after finding support at $6.62 yesterday. On the 4-hour chart, the price has found support at $6.62 and is trading above the 20-day moving average ($6.95) and 50-day moving average ($6.69). The RSI indicator is currently at 54.
Upcoming Trend
If the bulls can push the price above $7.50, we expect DOT prices to rally towards the $8.00 resistance level. Above this, the next major resistance levels to watch out for are $8.50 and $9.