Polkadot price has been in a downtrend since its initial rally to a local high on February 8th. By February 19, DOT had broken below one of two key support levels to gather liquidity, indicating a possible upside.
DOT is down 24% since Feb 8 and slipped below the $19.22 support, paving the way for sell stop liquidity below $17.97. This flushing of liquidity is often followed by a rise in prices.
Therefore, investors can expect DOT to initiate an uptrend to retest the recent hurdles that flipped at $17.97 and $21.2. Clearing these levels would allow DOT price to reach $22.65 which would bring the total gain to 25%.
In a favorable case, DOT can scale up and revisit the 4-hour supply zone that stretches from $23.93 to $25.59. The move would bring the overall gain to 32%.
A possible alternative upside scenario is for DOT price to drop lower and take another set of sell stops below $17.14.
Source: TradingView
If the four hour candle closes below $17.15, it will create a lower low and invalidate the bullish thesis. In this situation, panicked holders can take the DOT price lower and towards $16.12. This is where the marginal buyers can enter the market and continue the uptrend.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
A Supreme Court ruling weakens Chevron deference, potentially affecting SEC regulations. Due to reduced SEC…
The SEC sues Consensys for unregistered securities transactions via MetaMask, violating federal laws. Over $250M…
21Shares and VanEck have filed for a Spot Solana ETF with the SEC. If approved,…
Fetch.ai's FET assets will automatically convert to ASI tokens on July 1, 2024, as part…
VanEck Solana ETF application flags the risk of market price impact due to the top…
Despite equities rallying due to lowered US PCE Inflation, Bitcoin's price remained steady, with long-term…
This website uses cookies.