Current Situation:
A detailed examination of Polkadot’s (DOT) daily chart reveals a bearish sentiment. The price faced rejection after a period of sideways movement around the critical $7.5 resistance level and the significant 200-day moving average.
Bearish Indicators:
Resistance Rejection: The price was rejected at the $7.5 resistance level, reinforced by the 200-day moving average.
Seller Dominance: Sellers are currently dominating the market, suggesting a bearish retracement towards the $6.5 threshold is increasingly likely.
Key Support and Resistance Levels:
Resistance Level: $7.5
Support Level: $6.5
Market Context:
Despite the bearish sentiment, Polkadot remains confined within a decisive range marked by the $7.5 resistance and $6.5 support. A breakout from this range will likely establish the direction for a sustained trend.
Trade Strategy:
For Bears: Watch for a break below the $6.5 support level for potential short opportunities, targeting lower levels.
For Bulls: A break above the $7.5 resistance could signal bullish momentum, providing opportunities for long trades.
Stay vigilant for a decisive breakout from this range to gauge the next sustained trend direction for Polkadot.
#Crypto #Polkadot #DOT #MarketAnalysis #SupportAndResistance #BearishTrend #200DMA #TradingStrategy #Cryptocurrency #Blockchain
A detailed examination of Polkadot’s (DOT) daily chart reveals a bearish sentiment. The price faced rejection after a period of sideways movement around the critical $7.5 resistance level and the significant 200-day moving average.
Bearish Indicators:
Resistance Rejection: The price was rejected at the $7.5 resistance level, reinforced by the 200-day moving average.
Seller Dominance: Sellers are currently dominating the market, suggesting a bearish retracement towards the $6.5 threshold is increasingly likely.
Key Support and Resistance Levels:
Resistance Level: $7.5
Support Level: $6.5
Market Context:
Despite the bearish sentiment, Polkadot remains confined within a decisive range marked by the $7.5 resistance and $6.5 support. A breakout from this range will likely establish the direction for a sustained trend.
Trade Strategy:
For Bears: Watch for a break below the $6.5 support level for potential short opportunities, targeting lower levels.
For Bulls: A break above the $7.5 resistance could signal bullish momentum, providing opportunities for long trades.
Stay vigilant for a decisive breakout from this range to gauge the next sustained trend direction for Polkadot.
#Crypto #Polkadot #DOT #MarketAnalysis #SupportAndResistance #BearishTrend #200DMA #TradingStrategy #Cryptocurrency #Blockchain
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.