DOT - On support
Updated
Looks like this is an important level for DOT to hold in the short term. Already lost a trend line, which has also acted as resistance. If this support is lost then price should land on the blue support.
Fundamentals should wake up price action in the not too distant future though. Parachain auctions are not far away, although not sure exactly when yet, and I would expect that will lock up a lot of DOT and we could see a strong move at that point.
Until then, chart leans bearish vs BTC with this descending triangle forming.
Fundamentals should wake up price action in the not too distant future though. Parachain auctions are not far away, although not sure exactly when yet, and I would expect that will lock up a lot of DOT and we could see a strong move at that point.
Until then, chart leans bearish vs BTC with this descending triangle forming.
Note
Bullish argument would be that we are currently finished the first larger wave 1 cycle and are currently in wave 2 of the smaller degree and correcting to the usual 0.618 level.Note
Dot was drained by BTC just like most other alts. Currently bouncing on support, if price can't clear the previous support flipped resistance, then the lower 0.618 level is possible:Note
A couple of scenarios I'll be watching. Crowdloans should start soon as one of the main ones, Acala is already sending out messages to prepare.
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