DOT shows strong bullish momentum – What will be its next target?
Journalist
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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- DOT was buying and selling slightly below the $5.5 degree however one other enhance increased might be anticipated.
- The short restoration after the dip to $5 was an encouraging issue for the patrons.
Polkadot [DOT] has posted big good points in latest weeks because the altcoin market started to warmth up. Nevertheless, the social metrics for the token had been underwhelming. Its improvement exercise remained excessive and gave buyers confidence.
Technical evaluation of DOT confirmed that regardless of the volatility witnessed up to now two days, the bulls had been nonetheless in management. A vital degree of resistance continued to face robust, however the sellers had been weakening.
The pullback got here as little as $5 earlier than one other bounce
Supply: DOT/USDT on TradingView
The day by day market construction remained firmly bullish. The RSI was at 67 to bolster the concept bulls had been in management. The On-Stability Quantity shot above February highs to underline the extreme shopping for strain in latest weeks.
The Chaikin Cash Circulation (CMF) additionally signaled monumental capital influx to the DOT markets.
The $5.3-$5.56 area was a bearish order block on the one-day chart since late Could. DOT managed to shut a day by day buying and selling session above it on twelfth November, breaking it as a resistance zone. The next pullback reached $5 however noticed a pointy bounce in a short time.
The Fibonacci retracement ranges at $4.73 or decrease weren’t examined. This was one other signal that patrons had been dominant and that market circumstances favored shallow pullbacks in the meanwhile. To the north, the $6.2 and $7.05 ranges would probably be examined subsequent.
Are we on the right track to get one other sweep of the $5 area?
Supply: Hyblock
AMBCrypto’s evaluation of Hyblock information revealed that one other drop to the $4.9-$5 area wouldn’t be stunning. Whether or not it comes earlier than a transfer to the $6 area or after stays to be seen.
Learn Polkadot’s [DOT] Price Prediction 2023-24
The liquidation information of the previous seven days confirmed that $5 and $6 stay the upcoming areas of curiosity.
A transfer to $6.2 could be an indication that $7 was subsequent. Merchants might want to watch out for volatility since a big chunk of liquidations might be hit simply above the $6 mark.
