DOT ANALYSIS:02/01/21
The Hangover Part 1...
Technical' s
15M: Bullish
1HR: Bullish
4HR: Bullish
Daily: Bullish
Weekly: Bullish
Monthly: Neutral
Overall: Bullish
Volatility: Extremely high, 9.8% range already today.
Local Support: $7.75
Next Support: $7.10
Local Resistance: $9.5
Next Resistance: $10
Fundamentals:
- Binance replace ETH/BUSD pairing with DOT/BUSD pairing on Homepage - Bullish
- Binance pledges $10m to Polkadot projects - Bullish
- Lark Davis predicts $100 Dot in 2021 - Bullish
Personal Opinion:
The new year started with a corrective drop for DOT following its strong end to 2020. Having surged over 30% on the 31st a New Years Day hangover was inevitable and after a short lived play at $9.50, $8.23 looked about as bad as I felt.
But we had seen this coming. The RSI was showing us a heavily oversold and although selling pressure is cooling we’re likely to continue to see prices fall with a bearish future pivot at $7.65 (which matches up closely with the observed fibonacci retracement level of $7.76). If we fail to see a bounce here then its likely we’ll next find support at previous (sept 1) ATH $6.86.
If we do see a bounce then $11 could easily be on the cards as bulls buy on every dip.
Let us know what you think in the comments!
The Hangover Part 1...
Technical' s
15M: Bullish
1HR: Bullish
4HR: Bullish
Daily: Bullish
Weekly: Bullish
Monthly: Neutral
Overall: Bullish
Volatility: Extremely high, 9.8% range already today.
Local Support: $7.75
Next Support: $7.10
Local Resistance: $9.5
Next Resistance: $10
Fundamentals:
- Binance replace ETH/BUSD pairing with DOT/BUSD pairing on Homepage - Bullish
- Binance pledges $10m to Polkadot projects - Bullish
- Lark Davis predicts $100 Dot in 2021 - Bullish
Personal Opinion:
The new year started with a corrective drop for DOT following its strong end to 2020. Having surged over 30% on the 31st a New Years Day hangover was inevitable and after a short lived play at $9.50, $8.23 looked about as bad as I felt.
But we had seen this coming. The RSI was showing us a heavily oversold and although selling pressure is cooling we’re likely to continue to see prices fall with a bearish future pivot at $7.65 (which matches up closely with the observed fibonacci retracement level of $7.76). If we fail to see a bounce here then its likely we’ll next find support at previous (sept 1) ATH $6.86.
If we do see a bounce then $11 could easily be on the cards as bulls buy on every dip.
Let us know what you think in the comments!