Polkadot [DOT] to rebound from March low
Polkadot [DOT] breached the previous support zone of $5.60 - $5.87 (cyan). But the drop eased at the March low of $5.15. The March low level is also a daily bullish order block (white) formed on 10 March.
Both the RSI and CMF were negative. But CMF had an uptick - evidence of capital inflows.
If the March low holds, DOT could rally to $6.05, a key resistance level in January and February. More ambitious targets are $6.6 and $7.
A drop below $5.1 will invalidate the idea.
Entry: $5.40 (above March low)
Target: $6.05 (support-cum-resistance)
Stop loss: $5.096 (below March low)
RR: 2
Both the RSI and CMF were negative. But CMF had an uptick - evidence of capital inflows.
If the March low holds, DOT could rally to $6.05, a key resistance level in January and February. More ambitious targets are $6.6 and $7.
A drop below $5.1 will invalidate the idea.
Entry: $5.40 (above March low)
Target: $6.05 (support-cum-resistance)
Stop loss: $5.096 (below March low)
RR: 2
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