DOT/USDT Technical Analysis – Potential Breakout Ahead
🔹 Asset: Polkadot (DOT/USDT)
🔹 Timeframe: 1D (Daily)
🔹 Exchange: Bybit
📊 Market Overview:
DOT/USDT has been trading within a well-defined descending parallel channel, indicating a prolonged downtrend. However, recent price action suggests a potential trend reversal fueled by bullish signals.
📈 Key Technical Factors:
✅ Break of Structure (BOS): The price has started to break key structural levels, signaling an early shift in momentum.
✅ Strong Hammer Candle Formation: A bullish hammer appeared at the lower boundary of the channel, indicating buying pressure and potential bottoming out.
✅ Mini & Major Change of Character (ChoCH): A breakout above the mini ChoCH ($6.00) would confirm an early bullish reversal, while a move above the major ChoCH ($7.00) would solidify the bullish trend.
🎯 Potential Trade Setup:
Bullish Scenario: If DOT/USDT breaks out of the descending channel and successfully flips resistance into support (~$6.00), it could push towards $7.00 - $9.00 in the coming weeks.
Bearish Scenario: If the price fails to break out and gets rejected at resistance, we may see a retest of the lower levels (~$4.00 - $4.50) before a stronger move.
🔥 Conclusion:
DOT/USDT is showing promising signs of a trend reversal, but confirmation is needed above key levels. Watch for breakout confirmation and volume surge to support the bullish momentum.
🔔 Stay updated & manage risk accordingly! 🚀
#DOT #Polkadot #Crypto #Trading #TechnicalAnalysis
🔹 Timeframe: 1D (Daily)
🔹 Exchange: Bybit
📊 Market Overview:
DOT/USDT has been trading within a well-defined descending parallel channel, indicating a prolonged downtrend. However, recent price action suggests a potential trend reversal fueled by bullish signals.
📈 Key Technical Factors:
✅ Break of Structure (BOS): The price has started to break key structural levels, signaling an early shift in momentum.
✅ Strong Hammer Candle Formation: A bullish hammer appeared at the lower boundary of the channel, indicating buying pressure and potential bottoming out.
✅ Mini & Major Change of Character (ChoCH): A breakout above the mini ChoCH ($6.00) would confirm an early bullish reversal, while a move above the major ChoCH ($7.00) would solidify the bullish trend.
🎯 Potential Trade Setup:
Bullish Scenario: If DOT/USDT breaks out of the descending channel and successfully flips resistance into support (~$6.00), it could push towards $7.00 - $9.00 in the coming weeks.
Bearish Scenario: If the price fails to break out and gets rejected at resistance, we may see a retest of the lower levels (~$4.00 - $4.50) before a stronger move.
🔥 Conclusion:
DOT/USDT is showing promising signs of a trend reversal, but confirmation is needed above key levels. Watch for breakout confirmation and volume surge to support the bullish momentum.
🔔 Stay updated & manage risk accordingly! 🚀
#DOT #Polkadot #Crypto #Trading #TechnicalAnalysis
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.