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Technical Analysis for DOTUSD for 24th January 2022

Polkadot Crashed below a 4-Month Support Line, Will DOT Slide to $15?

Past Performance of DOT

The DOT price is down 60 percent from 2021 peaks as the crypto market continues to bleed. Fundamentally, Polkadot has a solid base, at least considering its interoperability goal. At the moment, DOT prices are trending below a critical support line—now resistance—at $23—and looks likely to retest $15 in the short-to-medium term.

Polkadot Technical Analysis

After posting impressive results in the second half of 2021, DOT prices are posting lower lows. Currently, bear bars are aligned with the lower BB signaling intense selling pressure. Based on the DOTUSDT technical arrangement, the coin is within a bear breakout pattern. Therefore, sellers might find entries on every attempt to retest $23, with immediate targets at $15.

What to Expect of DOT

The crypto market is brittle, and Polkadot is no better. While optimists would be catching a falling knife by loading on dips, an unexpected expansion above $23 might rejuvenate demand. However, at present, DOT prices could plunge to $15 if sellers step up.

Resistance level to watch: $23

Support level to watch: $15

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

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