Polkadot Price Analysis: Following 8% Daily Drop, Here’s the Next Level to Consider for DOT – CryptoPotato

DOT rallied 40% in a week only to be stopped at $33. A considerable correction is what followed.
Key Support levels: $26
Key Resistance level: $33
DOT had a fantastic rally last week when the price increased by 40%. However, this week, DOT’s rally ended when the resistance at $33 rejected the price from moving higher. Today, the correction continued, and DOT has fallen under $30. The current support is found at $26.
Trading Volume: Sustained volume both during the uptrend and the current downtrend. This shows that market participants have taken quite an interest in DOT recently.
RSI: The daily RSI has made a higher high during the rally, which is a strong bullish signal. However, after the rejection at $33, the RSI is falling. This can quickly change as soon as DOT finds support.
MACD: The daily MACD is bullish, but the histogram is making lower highs after the rejection at $33. This is not concerning as long as the moving averages don’t do a bearish crossover.
The current DOT bias is neutral.
DOT had a very nice recovery last week after falling for over 40 days. It is important for the price to return to the uptrend after this correction, as otherwise, the top at $33 could be interpreted as a lower high within a larger bearish trend.
Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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