DOT/USDT 1DInterval Resistance and Support
Hello everyone, I invite you to review the DOT chart in pair to USDT, on a one-day interval. First, we will mark two places where the price tried to break out of the EMA Cross 200 line upwards, unfortunately, both attempts ended in failure.
Further, using the yellow line, we will mark the uptrend line from which the price broke out at the bottom, we are currently moving in the downtrend channel since the beginning of the last correction.
Moving on, we can move on to marking the support spots, as we can see a strong correction caused the price to drop down to a very strong support at $4.22, in a situation where the current support did not hold the price, we could see a strong drop to around $2.
Looking the other way, we see that the price has turned around and is heading towards the $5.07 to $5.61 resistance zone. If I manage to break the first zone, I will move towards the second stronger zone from $6.06 to $6.49 and then towards resistance at $7.13.
Please look at the CHOP index, which indicates that the energy has been used, the MACD indicates that despite the current increase, we are moving in a downward trend, while the RSI, after a strong rebound, we can observe the beginning of an increase.
Further, using the yellow line, we will mark the uptrend line from which the price broke out at the bottom, we are currently moving in the downtrend channel since the beginning of the last correction.
Moving on, we can move on to marking the support spots, as we can see a strong correction caused the price to drop down to a very strong support at $4.22, in a situation where the current support did not hold the price, we could see a strong drop to around $2.
Looking the other way, we see that the price has turned around and is heading towards the $5.07 to $5.61 resistance zone. If I manage to break the first zone, I will move towards the second stronger zone from $6.06 to $6.49 and then towards resistance at $7.13.
Please look at the CHOP index, which indicates that the energy has been used, the MACD indicates that despite the current increase, we are moving in a downward trend, while the RSI, after a strong rebound, we can observe the beginning of an increase.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.