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23/05/24
167
Technical Outlook on the Performance of Polkadot (DOT)
The chart of DOT/USD shows that the activities of the bears led to the formation of a base above $6.8 prior to the bulls initiating a modest move to the upside. They were able to break numerous barrier levels close to $7.2 and there was a spike past $7.65. DOT reached levels as high as $7.69 prior to initiating the current consolidation of gains.
The bears pulled DOT beneath the support area at $7.5 and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $6.91 swing low to $7.69 high. A look at its 4-houur chart shows that its current performance is at levels above the $7.2 area, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $7.4. The next barrier level is close to $7.7.
The immediate key barrier level is close to $7.8. If DOT breaks past $7.8, the bulls may be able to initiate a more significant move to the upside. In such a situation, it may be easy for the bulls to push DOT toward $8.2 over the coming few sessions. The immediate key barrier level is observed close to the $8.5 area.
On the other hand, the failure of the bulls to initiate a new move past $7.7 may empower the bears to keep its performance towards the downside. The first main support level is close to $7.4, as well as near the trend line.
The immediate key barrier level is close to $7.3, as well as near the 100 SMA or the 50% Fibonacci correction level of the upswing from $6.91 swing low to $7.69 high. A move beneath $7.3 may bring about a fall to $7. If there are any additional losses, the bears may be able to pave the way for a decline toward the support area at $6.9 or $6.8.
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