DOT / TetherUSShort
Polkadot DOT Price Analysis April 7, 2023
DOTUSDTPolkadot’s DOT has fallen below the 20-day EMA ($6.22), which suggests that the bulls' hold on the market is weakening, and the price may decline to the robust support at $5.70.
If the DOT/USDT pair rebounds from the $5.70 support level, it may try to rally to the downtrend line and trade between these two levels for some time. Breaking above the downtrend line could pave the way for a potential uptrend towards the neckline of the inverse H&S pattern.
On the flip side, if the price drops below $5.70, it would give sellers an upper hand. The pair may then drop to $5.15, which is an essential level to monitor, as a break below it could lead to a further decline to $4.50.
Let me know what you think!
Follow me for more TA!
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.
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.