2024-2-17 15:00 |
Polkadot, DOT is up 11% in the past week following a steady recovery from a month’s low. After struggling with volatility in the past few days, it took a brief break and initiated a fresh surge this week.
Since the price bounced off $6 last month, DOT has been on the rise and has shown no signs of stopping buying pressure at the time of writing. It broke higher this week and reached a new monthly high of $7.7 today.
While it continues to show signs of strength, we may see a full recovery of last month’s losses before the end of this month, which could position the market for a mid-term bullish breakout.
The current daily candle pattern reveals that buying volume is currently high. Once the volatility expands, we can expect a quick price movement with a bigger candle formation in no time. A surge through the last December high could validate a mid-term bullish rally.
However, it is important to note that the trading landscape has changed to the upside on the higher timeframe. A drop below last month’s low would confirm another leg down.
But with the positive sentiments surrounding this market of recent, there’s no room for bearish actions at the time of writing.
DOT Key Levels To Watch Source: TradingviewNow that DOT is facing up again, the closest resistance level to keep in mind right now is $7.85. If the price increases above this level, the next buying target would be $8.58 and $9.6.
The recently flipped resistance is now standing as a weekly support. A drop below this support could cause a drawdown to the $7 and $6.6 levels. The support to watch below this level lies at $6.
Key Resistance Levels: $7.85, $8.58, $9.6
Key Support Levels: $7.3, $6.6, $6
Spot Price: $7.6 Trend: Bullish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: valedol/123RF // Image Effects by Colorcinch
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