DOT / TetherUSUpdated Polkadot DOT’s $8.442 Standoff: Bounce or Breakdown?
DOT is hovering around a key support zone, at $8.442.
1. A quick dip and bounce back from $8.442 might hint that the bulls aren’t ready to give up just yet (Dashed Green Projection).
2. If DOT confidently pushes through $9.659, the bulls might have a party, with the next pit stop likely around $11.009. A clean move here could set the stage for some exciting action to the upside (Solid Green Projection).
3. However, if the $8.442 level crumbles, things could get dicey fast. Bears might take over, dragging the price toward $7.000, a critical support level where DOT could try to catch its breath (Red Projection).
Right now, DOT is at a tipping point—will it rise to the occasion or falter? Keep your focus on $9.659 and $8.442; they’re calling the shots for what comes next.
1. A quick dip and bounce back from $8.442 might hint that the bulls aren’t ready to give up just yet (Dashed Green Projection).
2. If DOT confidently pushes through $9.659, the bulls might have a party, with the next pit stop likely around $11.009. A clean move here could set the stage for some exciting action to the upside (Solid Green Projection).
3. However, if the $8.442 level crumbles, things could get dicey fast. Bears might take over, dragging the price toward $7.000, a critical support level where DOT could try to catch its breath (Red Projection).
Right now, DOT is at a tipping point—will it rise to the occasion or falter? Keep your focus on $9.659 and $8.442; they’re calling the shots for what comes next.
Note
Polkadot could push a bit lower (but not necessary), before bulls will have another attempt to recover and push price towards $9.659. An inability to sustain price action above $8.442 will lead to more bearishness (Red Projection). Note
Bears are gaining control on the 4-hour chart. Sustained price action below $8.442 could trigger Scenario 3 (red projections) and likely lead to a drop toward the $7 zone.Trade closed: target reached
The bearish Scenario 3 (red projection) played out as anticipated, bringing DOT down to the critical support level of $7.00. A bullish reversal from this zone is highly probable. Keep an eye on the price action for signs of a potential rebound.
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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.