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DOTUSD

Bearish Trend Breaks Support, Await Signs of ReversalOver the past month, the price of DOT (Polkadot's currency) has faced considerable downward pressure, moving between the support level of $5.15 and the resistance level of $5.60. However, the price recently broke below the lower boundary of Polkadot's currency range channel, indicating a bearish trend. This selling pressure was so strong that it briefly dipped below the price floor of $4.23, which had been established at the end of 2022. Interestingly, the price of Polkadot found significant monthly support within the range of $4.24 to $3.98 and responded positively to this support level. This suggests that there is a potential for a trend reversal and upward movement in price if we observe encouraging signs of a positive reaction and a change in the trend on the daily and four-hour time frames within this support range. These signs could indicate a reduction in selling pressure and a renewed demand for DOT. However, at present, we do not see these favorable indications on the mentioned time frames. It may be necessary to wait for signs of a trend change in the short-term, particularly for lower time frame trades. For example, on the 15-minute time frame, if the resistance level between $4.53 and $4.57 is broken, it could serve as a signal for a short-term trend reversal. It is important to closely monitor how the market responds to this monthly support level, as a strong positive reaction could result in the price of Polkadot fluctuating within the range of $4 to $5 for a certain period of time. Considering the current market conditions, it is crucial to remain cautious and wait for confirmation of a positive trend change before making any significant trading decisions. The RSI (Relative Strength Index) value of 34 on the 4-hour timeframe suggests that the market is in a slightly oversold condition, but further analysis and confirmation are necessary to determine the direction of the price movement.
by MonoCoinSignal
2
DOTUSDTThe dot is approaching the important support of $5, and near this point we see candles that stick together for a long time, which many of you know as the Smart Money concept. The purpose of this concept is to engage sellers and buyers before the main movement begins. In this case, we can see that first a fake upward move is planned, then many buyers liquidate. The next move will most likely be creating a fake downward move and liquidate the sellers. But the main move after that and It will be up. When both buyers and sellers are out of the game and enough liquid is provided for the main movement. I think $5 can be a good price to open a long position with risk management. ⚠️ "Daily crypto market analyses I provide are personal opinions & not financial advice. Trading carries risks, so do your own research & seek advisor's help."
Long
by Madoir
1
POLKADOT - 1000% Move Coming!DOT has giving us an EASY trade setup. The big wave 2 was an irregular FLAT correction, which consisted of an ABC wave (3-3-5 breakdown). We are now in wave 3 and we've seen subwave 1 and currently in subwave 2. For confirmation of subwave 3, we can wait for the break of red trendline. Trade Idea: - Safe entry on break of red trendline - Risk entry anywhere above invalidation level - Stops below invalidation level - Targets: 14, 24, 54, HODL the rest Goodluck and as always, trade safe!
BINANCE:DOTUSD
by WicktatorFX
12
Polkadot DOT. Maybe it's time to start growing, or not?)Dot's price was in the "group of leaders" that were the first to break out of the prolonged downward trend. However, "the winner music didn't last long", after a 2-month rise in the DOTUSDT price with a result of +90%, consolidation has been going on for the 3rd month. Roughly speaking, there is nowhere to fall below the price of the Polkadot token. The critical level from below is $4.83. If we model Elliot waves on the current trading situation on the DOTUSD chart, we can assume that wave (2) is close to completion. The next wave is an upward wave (3), with the most conservative targets for its growth ranging from $10-10.50 to $12.30. _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
by P_S_trade
31
Polkadot [DOT] to rebound from March lowPolkadot 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
Long
by AMBCrypto_TA
POLKADOT: Classic Accumulation, Rally Phase NextBINANCE:DOTUSDT Hi Traders, Investors and Speculators of the Charts 📈📉 Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. In today's analysis, POLKADOT presents a great buying opportunity with a low risk and high reward setup. Currently trading in accumulation phase of the Wyckoff Method market cycle phases, you may still get another chance to buy lower BUT expect the price to continue trading in the accumulation zone ranges (within the support zone and resistance one pointed out in the green box) . The timeframe of six months is significant because most market cycles / phases start to show signs of change after 6 months of a specific trend being observed as in this case, a bearish trend was observed for about 6 months. After successfully confirming a bottom on both the chart as well as on the Technical Indicator, flashing an oversold with the built in RSI, it seems that the most logical next phase is the upwards phase, however you might need some patience as to "when" this rally will happen. _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck
Long
by CryptoCheck-
16
DOTUSDT likely heading down for daily support around 5.55The price has close below the weekly support which is not a good sign. It might reclaim it this week if it is still bullish but from probability point of view the price seems to be going lower from here. I expect the price to reach to the next weekly support which is sitting around 4.5 zone but there is a daily support in between which may hold the price. Therefore, let us focus on the daily support as a target first and then reevaluate the weekly support target. The daily support is sitting around 5.55.
by angela_altair