Technical Analysis for DOTUSD for 18th February 2022
Polkadot Pinned, will DOT Bulls Sustain Prices above $17?
Past Performance of DOT
The DOT price has support at around the 78.6 percent Fibonacci retracement level of the early Q3 2021 trade range. Notably, DOT's performance counters the general outlook in the crypto market as prices are tethered around January 2022 lows of around $17. As per the DOTUSDT price formation, the immediate resistance line is $23, but there should be a strong bullish breakout above this line for buy trend continuation and confirmation of February 15 bulls.
Polkadot Technical Analysis
DOTUSDT prices are in a tight horizontal trade range inside a $6 zone with identifiable resistance and support at $23 and $17, respectively. In this formation, sellers have the upper hand. Ideally, a close above $23 would revive bulls, triggering another wave of higher highs, potentially towards $27 and $32. On the flip side, if Polkadot sellers double down, a close below $17—a multi-week support—may see DOT crumble to $14 and later $10.
What to Expect of DOT
Polkadot is creating an internet of blockchain. It is backed by solid fundamentals as more high-profile projects connect to the network's Relay Chain. Nonetheless, it is until after DOT edge past $23—the immediate line—is when a clear trend trajectory would be defined.
Resistance level to watch: $23
Support level to watch: $17
Disclaimer: Opinions expressed are not investment advice. Do your research.
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