Technical Analysis for DOTUSD for 5th January 2022
Polkadot is Stuck in a $9 Range, is the Bear Run from November 2021 over?
The subsidiary of Deutsche Telekom, T-Systems MMS, holds DOT tokens and uses its resources to maintain the Polkadot network, details from their new partnership reveal.
Past Performance of DOT
The bleeding coinciding with the launch of their Parachain slot auction seemed to be contained, reading from the recent DOTUSDT price action. Currently, DOT prices are within a $9 range zone with caps at $23 and $32, respectively. Depending on the breakout direction, Polkadot prices would either resume the primary buy trend of early H2 2021 or confirm sellers of mid-Q4 2021.
Polkadot Technical Analysis
From the DOTUSDT daily chart, buyers stand a chance following the roughly 50 percent slumps from all-time highs. DOT prices currently have support at around the 61.8 percent Fibonacci retracement level of the H2 2021 trade range. A close above $32, breaking out from the sideways movement, affirms buyers of early Q3 2021. If the breakout bar has high trading volumes, this would likely draw in more buyers. Conversely, it would be more pain for holders if prices turn around, slumping below $23. Subsequently, this would reaffirm the bear breakout pattern of late November 2021, setting the pace for losses towards $20.
Resistance level to watch: $32
Support level to watch: $23
Disclaimer: Opinions expressed are not investment advice. Do your research.
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