Technical Analysis for DOTUSD for 25th May 2022
Polkadot is up 37% from 2022 Pits; DOT Resistance at $12
Past Performance of DOT
DOT prices are relatively steady at spot rates but are up roughly 37 percent from 2022 lows. Bears still have an advantage and are in charge of the current trend. Notably, prices are oscillating inside the recent wide-ranging bear bar of May 18. This bar is inside the main sell candlestick of May 11, pointing to struggling bulls unable to contain the strong wave of selling pressure. DOT is up three percent in the past 24 hours at spot rates.
Polkadot Technical Analysis
Currently, the primary trend is bearish. The immediate resistance levels stand at $12, flashing with May 11 highs, and the middle BB, the flexible liquidation level. This preview cancels bull optimism resulting from the series of higher highs relative to the lower BB from May 13. Every retracement towards $12 may see sellers liquidate with targets at May 2022 lows of around $7.5. However, there could be clear opportunities if DOT prices slide below $9.3. Risk-averse traders, bullish on DOT, must wait until there are solid gains above $12. Ideally, the expansion ought to be with rising trading volumes. This may build the foundation for another leg up to $14, retesting the Q1 2022 lows.
What to Expect from DOT
Polkadot has an active ecosystem with a novel model for scaling. As crypto prices recover, DOT will likely rise with the tide. Presently, DOT is in a precarious position and may dump if bulls fail to hold above key support levels.
Resistance level to watch: $12
Support level to watch: $9.3
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