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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

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

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