📍 Timeframe: 1D (Bybit Exchange)
📈 Current Price: $4.550 (+3.43%)
Key Technical Insights:
Descending Channel Breakout:
DOT had been trading in a descending channel since late 2024.
A successful breakout from the channel indicates a trend reversal.
Strong Support Retest & Bounce:
The price found support at the $4.00 region (marked in yellow).
Multiple tests of this level suggest strong demand and potential accumulation.
Major Resistance & Upside Target:
The next key resistance zone is around $10.00 (marked as "Target").
If momentum continues, a move towards $12.00–$14.00 is possible.
Possible Price Path:
The projected price movement (black line) suggests a retest of support before a rally.
If price holds above $4.20–$4.30, further bullish continuation is expected.
Trading Strategy:
Bullish Entry: Consider long positions on a retest of $4.20–$4.30 with a stop below $4.00.
Breakout Confirmation: A daily close above $5.00 strengthens the case for an upward push.
Profit Targets: $7.00, then $10.00, and extended targets at $12.00–$14.00.
📈 Current Price: $4.550 (+3.43%)
Key Technical Insights:
Descending Channel Breakout:
DOT had been trading in a descending channel since late 2024.
A successful breakout from the channel indicates a trend reversal.
Strong Support Retest & Bounce:
The price found support at the $4.00 region (marked in yellow).
Multiple tests of this level suggest strong demand and potential accumulation.
Major Resistance & Upside Target:
The next key resistance zone is around $10.00 (marked as "Target").
If momentum continues, a move towards $12.00–$14.00 is possible.
Possible Price Path:
The projected price movement (black line) suggests a retest of support before a rally.
If price holds above $4.20–$4.30, further bullish continuation is expected.
Trading Strategy:
Bullish Entry: Consider long positions on a retest of $4.20–$4.30 with a stop below $4.00.
Breakout Confirmation: A daily close above $5.00 strengthens the case for an upward push.
Profit Targets: $7.00, then $10.00, and extended targets at $12.00–$14.00.
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.
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.