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Technical Analysis for DOTUSD for 11th January 2022

Polkadot Sellers Unrelenting, Will DOT Break Below $23?

Polkadot's Parachain slot auction continues as DOT is among the biggest losers in the first week of January 2022.

Past Performance of DOT

The Polkadot price is relatively firm, oscillating horizontally, and presently retesting the immediate support at $23. When writing, DOT crypto bears have the upper hand reading from the performance in the daily chart. For trend definition, a breakout in either direction is required.

Polkadot Technical Analysis

The DOTUSDT downtrend is strong. Pasting a Fibonacci tool between the recent swing high and low tracing the November and December 2021 trade range indicates that DOT prices found resistance at around the 23.6 percent Fibonacci retracement level. 

This suggests that the downtrend is strong and it would require determined DOTUSDT bulls to arrest the downtrend and swing price action in their favor. 

A close above $32 would be encouraging and signal this shift. However, a confirmation of the January 10 bear bar may see DOT tumble towards $20 in continuation of November 2021 losses.

What to Expect of DOT

The project's fundamentals are solid. Still, this isn't translating to buying pressure. A break below December 2021 lows at $23 would serve to compound DOT's selling pressure, pushing the coin to $20—the 78.6 percent Fibonacci retracement level of the H2 2021 trade range.

Resistance level to watch: $32

Support level to watch: $23

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

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