Technical Analysis for DOTUSD for 17th November 2022
Polkadot Slumps 90% from Peaks; DOT May Post More Losses below $5.3
Past Performance of DOT
After soaring to as highs as $55 in November 2021, DOT is now 89 percent from all-time highs and wallowing against a wave of intense selling pressure. From the daily chart, bears are squarely in charge, and November 16 losses offer no reprieve for buyers. The immediate support lies at $5.3, while any gains above $6.3 may lift Polkadot back to November highs.
Polkadot Technical Analysis
DOT prices are inside a bear flag, trending within the two defining bear bars of November 8 and 9. The failure of bulls to flow back, reverse losses of last week, and build on November 10 hints at weakness. Therefore, since prices are below $6.3, trending with low volumes, and inside a bear flag, sellers can double down, targeting $5.3 in the short term. This preview will only shift once DOT surges above $6.3, breaking above the bear flag. Then, the coin might fly to November highs at 7.3.
What to Expect from DOT
Like the rest of the market, Polkadot is under immense selling pressure. After shrinking roughly 90 percent from peaks, there could be more drawdown if immediate support at $5.3 doesn't hold.
Resistance level to watch: $6.3
Support level to watch: $5.3
Disclaimer: Opinions expressed are not investment advice. Do your research.
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