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- DOT token chart shows a bearish crossover of the 100 EMA and 200-day EMA
- The DOT/BTC pair was trading at 0.0003711 BTC with a gain of 4.72%
- The 24 hr trading volume in DOT is $1.21 Billion
The DOT token showed a remarkable 40% price recovery after bouncing from the $10.03 support level. However, this short rally was soon interrupted by the $14.8 resistance, as the price is facing intense selling pressure above this level. Furthermore, Today the price showcase another attempt to cross this resistance level but was again rejected, resulting in the formation of a Doji candle. Moreover, investors can also see the decrease in the volume activity as the price was approaching this level, suggesting a better chance of price reversal.
As per the EMA’s, token is trading below all the crucial EMA’s 50, 100, and 200, indicating a strong bearish trend. In addition, the 100 and 200 EMA has also given a bearish crossover, which could attract even more sellers in the token market.
The RSI (BULLISH) value is at 52, indicating a slightly bullish sentiment in the token.
An Ascending Trendline Supporting The New Rally In DOT Token
The DOT token is rising with an ascending trendline in the 4hr time frame. This ascending trendline could be pretty helpful for DOT traders, as the chart shows a formation of an ascending triangle pattern, providing an excellent long opportunity for DOT traders. However, if the price decides to reverse from this $14.8 resistance, a breakdown from this trendline will offer a great confirmation for a short trader.
The MACD indicator (BULLISH) shows both the MACD and signal lines moving above the neutral zone (0.00), indicating a bullish momentum in the DOT token. However, these lines show some bearish divergence in the indicator, which could lead to a bearish breakdown from this trendline.
Conclusion: From the technical perspective, the overall trend of DOT token is still bearish. Furthermore, the price action is currently at a make-or-break situation as the breakout from either side of the triangle pattern will decide the next move in the DOT token.
Support– $12.8
Resistance– $14.8
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