Technical Analysis for DOTUSD for 11th April 2022
Polkadot Free Falls in a Bear Breakout Formation
Past Performance of DOT
At spot rates, Polkadot is down 14 percent in the previous trading week. From the daily chart, DOT is within a bear breakout formation below the 20-day moving average and $21—the highs of the bearish engulfing bar of April 1.
After a brief period of horizontal accumulation, DOT is below the primary support at $19 in a move that favor sellers in the immediate term.
Polkadot Technical Analysis
The DOT price is trading in a bear breakout formation below the middle BB. Overall, the pullback from $23 formed a double top—or an M-Pattern. Therefore, as long as prices are below the bear engulfing bar of April 1 and 2, every pullback towards $21 and the middle BB may be selling entries for determined sellers targeting $15 in the medium term. Thus far, DOT sell bars are beginning to band along the lower BB pointing to strong selling pressure and possibly higher volatility in the short-term.
What to Expect of DOT
Fundamentally, Polkadot is bullish. However, DOT is under pressure in the short term, breaking below $19 completing the M-Formation pattern from $23.
Resistance level to watch: $19
Support level to watch: $15
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