Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. For over eight months, Polkadot [DOT] has been struggling to bring forth a change in the long-term bearish narrative. The last two weeks, however, have been somewhat hopeful as the alt finds a position […]
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
While the recent growth aided DOT’s move toward its immediate supply zone in the $8.6-$9.1 range, the sellers could aim to pose near-term hurdles. At press time, DOT traded at $8.62, up by 4.87% in the last 24 hours.The revival from the alt’s 18-month low on 13 July has reignited the near-term buying pressure. This renewed force helped DOT flip its four-month trendline resistance to support.
Traders/investors should watch for a reversal from the immediate resistance range to identify the chances of this near-term drop. Any bearish invalidations or premature bull runs could be short-lived by the $9.8-mark resistance.After escaping its sideways track for nearly a month, the Relative Strength Index took a bullish stance and revealed an edge for the buyers. To alter this bullish outlook, the sellers needed to test and eventually breach the 56-mark support.
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