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Technical Analysis for DOTUSD for 28th January 2022

Polkadot Under Immense Selling Pressure, Will DOT Steady Above $17?

Polkadot's Parachain Slot auction is ongoing. Centrifuge has won the eighth slot allowing them to build what they say is a real-world DeFi protocol.

Past Performance of DOT

DOTUSDT prices are within a $3 range with caps at $17 and $20, respectively. In all, DOT is within a bear breakout formation. Sellers are still in a commanding position despite trader optimism.

Polkadot Technical Analysis

Polkadot prices are weak even with higher highs versus the lower BB. As long as DOTUSDT is within the January 21 and 22 trade range, sellers are in control from an effort-versus-result perspective. Aggressive DOT sellers may unload on pullbacks towards $20 and $23. Still, a close above $20 may be the momentum for a leg up to $23, relieving buyers. Then, buyers may load the dips. If not, further losses below $17 may see DOT retest $10—July 2021 lows.

What to Expect of DOT

DOT is in a precarious position. While traders are optimistic, bears have the upper hand. Therefore, risk-averse traders may enter above $23 or below $17—with the odds of a break below high considering the current DOTUSDT formation.

Resistance level to watch: $20

Support level to watch: $17

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

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