While some altcoins are relatively recovering in the past 24 hours, Polkadot, DOT is yet to show signs of strength as it stuck under a minor resistance. However, it has formed a bullish pattern on the lower timeframe, but volatility currently appears low.

The recent correction in Polkadot’s price appeared to have come a halt following the latest increase across the market. 

Although, the crypto is still trading in a downward range on the daily chart; but the trend appeared to be shifting the 4-hour chart after forming a bullish (double-bottom) pattern. 

This pattern came after establishing support above $8.5 lev in the mid-week. The bulls are already poised for fresh gains but buying volume look insufficient at the moment. A push above the $9.6 level should confirm a buy on the 4-hour chart. 

On the daily chart, there are no major obstacles for the bulls until they reach the current monthly high. Breaking through it would trigger more gains and at the same time confirm a continuation from a mid-term perspective. 

In case of another dip, the key level to watch for a crackdown is the recently printed low. Losing it could trigger a bigger sell-off in the future. Currently, trading volatility is a bit low. We can expect a notable surge when the volatility expands.

DOT’s Key Levels To Watch

Source: Tradingview

While it is yet to confirm a buy on the daily chart, the key resistance level to watch in the latest increase is $10. Looking ahead, the $10.65 and $11.3 levels are the next resistance to watch before recovering fully to $11.87. 

DOT is currently supported by the $8.58 level on the daily chart. A drop below it could active another selling to $7.85 and potentially $7.3.

Key Resistance Levels: $9.6, $10, $10.65

Key Support Levels: $8.58, $7.85, $7.3

Spot Price: $9.16
Trend: Bearish
Volatility: High

Disclosure: 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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Filed under: Bitcoin - @ March 23, 2024 7:25 pm