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Vikram
May 14, 2022
by Vikram

DOT Technical Analysis: Sellers Anxious As New Bull Cycle Crosses $10

DOT
DOT price action shows a 20% recovery within the long-coming bearish pattern by forming a reversal pattern. Will the reversal rally break this pattern?

Key technical points:

  • The DOT price action forms a morning star pattern.

  • Polkadot dominates 0.82% of the entire crypto-verse. 

  • The 24-hour trading volume of Polkadot is $1.66 Billion, indicating a 4.73% hike. 

    • Past Performance of DOT

    DOT prices fell drastically after failing to bring about a rounding bottom breakout due to the formidable selling pressure at 100-day EMA and $22. The downfall takes the form of a bearish channel pattern in the daily chart and accounts for cutting the market value in half in a month. However, the recent lower price rejection avoids a bearish fallout by forming a morning star pattern.

    TradingView Chart

    DOT Technical Analysis 

    DOT prices have inflated more than 30% in the last two days, with increased buying pressure in the morning star pattern formation. However, the bullish surcharge struggles to surpass the $10.5 mark and faces formidable selling pressure.

    The bearish alignment of the crucial daily EMAs reflects a solid underlying bearishness and showcases the readiness to provide dynamic resistance. 

    The RSI slope outperforms the 14-day average, which has been the main driver of the decline after having left the oversold area but then leads into a saturated trend. Furthermore, the Stochastic RSI portrays a brand-new bull cycle in motion as the D and K lines start to advance above the oversold boundary.

    Therefore, the momentum indicators project a rise in underlying bullish momentum ready to fuel the uptrend.

    In short, the DOT technical analysis displays a high possibility of an uptrend to $3.

    Upcoming Trend

    Considering the bearish influence continues to grow on the upcoming trend, DOT prices will drive back to the support trendline at $7. However, a bullish breakout will skyrocket the market value to $15 if the uptrend surpasses the resistance trendline.

    Support Levels: $10 and $7

    Resistance Levels: $13 and $15

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    Polkadot DOT
    DOT Technical Analysis: Sellers Anxious As New Bull Cycle Crosses $10
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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