Categories: Market

DOT price needs to close above $ 32 to avoid dropping to $ 26

Polkadot price has rallied significantly since it dropped to $ 23.95. A surge above $ 30 provides significant psychological support for buyers and long term owners alike to see DOT break higher again.

DOT price must close above $ 32

DOT had encountered short-term resistance at the 38.2% Fib retracement level at $ 31.08 and the Tenkan-Sen at $ 31.66. It needs to close above these two levels to avoid short-term selling pressures. Ideally there would be enough momentum to close above the Kijun-Sen at $ 36 but that may not be possible.

After Saturday’s flash crash, an unfortunate event that caused the Relative Strength Index (RSI) to go from a bull market to bad shape. This does not mean or imply that polkadot is entering a bear market, but that momentum has subsided enough that traders can be cautious.

Even so, there are some bullish signs. First, there is a common bullish divergence between the candlestick chart and the composite index – an indication of a bullish reversal. In addition, the Optex Bands oscillator is moving uphill, leaving the oversold extreme it was in before.

DOT / USDT daily Ichimoku chart.

Given the current position of the RSI, Composite Index, and Optex bands, a break above $ 32 will likely have enough momentum to cause Polkadot to test the Senkou Span B at $ 40 for resistance.

Conversely, a failure to close above the Tenkan-Sen Polkadot would lead back to the 50% Fib retracement level at USD 26.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

$115M Success Story – Once an Underdog Here’s How BlockDAG Has Gone a Leg Up Against Archrival Kaspa

Discover why BlockDAG (BDAG) is emerging as a strong competitor to Kaspa (KAS) with its…

29 mins ago

BitMart’s Customer-Centric Vision: Growing with Purpose

With financial inclusion and customer-first on top of mind, founded in 2018, BitMart is a…

35 mins ago

Why Do Analysts Believe This is the Best Crypto to Join Right Now? Top Coins Set to Explode!

Finding the best crypto to join right now can feel like searching for a gem…

1 hour ago

Solana Optimistic Network Unveils Exciting SOON Testnet for Public Trials

In a release on the X platform, SOON—Solana Optimistic Network, a premium Rollup stack project—announced…

1 hour ago

Logan Paul Net Worth: Famous YouTube Star And Boxer

Logan Paul has consistently ranked among the highest-earning YouTubers worldwide. In this article, let's explore…

2 hours ago

Not Pixel Review: Discover the Engaging Art Game on Telegram

After the success of Notcoin, Not Pixel is the latest project that is attracting the…

2 hours ago

This website uses cookies.