Technical Analysis for DOTUSD for 10th August 2022
Polkadot Remains Bullish Despite DOT Slipping from H2 2022 Highs
Past Performance of DOT
Like the rest of the crypto market, Polkadot is relatively suppressed when writing. There are hints of weakness, and the coin is down six percent on the last trading day versus the resurgent USDT. Still, buyers appear to be in charge in short to medium term. Notably, the August 8 bar is bearish, reversing gains of August 8, a net bearish.
Polkadot Technical Analysis
Traders are upbeat, and DOT is up 50 percent from 2022 lows as prices bottom up. The immediate resistance is at $9.5, a price zone that also flashes with May 2022 lows. If buyers reverse August 8 lows and remain above $7.8 and the middle BB, every low may provide a loading opportunity as DOT flies to H2 2022 highs. This may provide an impetus for aggressive traders to buy on dips, targeting $10 and $12 in the medium term. However, if bulls struggle and prices drop below August 8 lows and 7.8, the odds of DOT slipping to $6.3 in confirmation of the August 1 bear bar will be elevated.
What to Expect from DOT
Polkadot is bullish and within a bullish formation as per the arrangement in the daily chart. Still, there must be confirmations, shaking off bears of August 8. Technically, DOT is bullish above $7.8 and may float to new H2 2022 highs if prices recover from spot rates.
Resistance level to watch: $9.5
Support level to watch: $7.8
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