Technical Analysis for DOTUSD for 31st March 2022
Polkadot Retests a 2-Month High; will DOT Break above $23?
Past Performance of DOT
Overall, DOT bulls appear to be in the driving seat despite tight trading ranges over the past few days. Stable on the last trading day and below the critical resistance level at $23, Polkadot's revival is short of expectations. DOT is technically within a bullish breakout pattern after easing past $20 with increasing volumes, rising as the crypto market recovers.
Polkadot Technical Analysis
Polkadot broke above an extended descending channel in an encouraging move that drove DOT to spot rates. While bulls are ecstatic about unfolding events, Polkadot prices remain capped below $23 and February 2022 highs. At the same time, DOT's upside momentum appears to be decreasing as lower lows form relative to the upper BB. Ideally, for trend continuation, there must be a high volume close above $23, confirming gains of March 16 and possibly completing the W-Formation pattern traced to late January 2022. A bullish breakout above $23 could see DOT prices quickly expand to $32 as Polkadot bottoms up.
What to Expect of DOT
Polkadot is gradually building its ecosystem—a development directly propping DOT. A close above the $23 resistance level may see Polkadot tear higher to new 2022 highs.
Resistance level to watch: $23
Support level to watch: $20
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