Technical Analysis for DOTUSD for 22nd June 2022
Polkadot Bounces from 2022 Lows adding 5%, will DOT Break above $9?
Past Performance of DOT
From early April 2022, Polkadot prices tanked $6.3 in mid-June 2022, losing over 70 percent. This re-calibration follows the formation of the double top, quashing previous attempts by buyers to arrest determined sellers. However, after a deep correction forcing DOT to new 2022 lows, there are hints of recovery, reading from the development in the daily chart. The coin is up five percent in the last trading week at spot rates as bulls unwind recent losses.
Polkadot Technical Analysis
Buyers are in control in the short term as prices retest the middle BB—a flexible support line. Per the formation in the daily chart, risk-averse traders can wait for a solid close above $9, reversing June 16 losses, for a clear trend definition. Meanwhile, optimistic traders may align themselves with the performance of the last two days to load the dips above $6.3 with targets at $9, $11, and $12 in the short term. A close above $9 will comprise a bullish breakout pattern above a multi-week resistance level. In that case, DOT may expand higher, especially if the break above is with high trading volumes surpassing those registered on June 15 or May 11.
What to Expect from DOT
DOT prices are inching higher even though the primary trend is bearish. A close above $9 may unleash buyers and mark the beginning of a leg up that may thrust DOT to $12 or better in the medium term.
Resistance level to watch: $9
Support level to watch: $6.3
Disclaimer: Opinions expressed are not investment advice. Do your research.
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