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Technical Analysis for DOTUSD for 9th June 2022

Polkadot's Upside Limited, will DOT Steady above $8.5?

Past Performance of DOT

The broader crypto market expects a recovery, a development that might lift DOT prices from 2022 pits. Still, sellers remain firmly in control with resistance at the middle BB. Currently, DOT crypto prices are struggling against a deluge of selling pressure. The coin is down roughly three percent in the past trading week.

Polkadot Technical Analysis

DOT prices are inside a tight trade zone, tracing the middle BB as bears diffuse attempts for higher highs. In a bear flag, the coin has support at $8.5. On the other hand, resistance is defined by the flexible resistance line, the middle BB, and $11. Ideally, buyers should wait for confirmation of May 13 gains. That will mean a clean break above $11 with rising trading volumes. If not, any drop below $8.5 or last week's lows could trigger a sell-off towards $7 in the immediate term.

What to Expect from DOT

Polkadot is struggling, and bears are in a commanding position. The odds of unexpected recoveries above the middle BB are slim to none. Accordingly, aggressive DOT bears may unload on dips, doubling down, especially if there are further losses below last week's lows.

Resistance level to watch: $11

Support level to watch: $8.5

Disclaimer: Opinions expressed are not investment advice. Do your research.

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