Technical Analysis for DOTUSD for 31st May 2022
Polkadot Breaks above the Middle BB as Buyers set Sight on $12
Past Performance of DOT
The rising crypto market tide is lifting Polkadot bulls, as per the performance in the daily chart. DOT is stable on the last trading day and up three percent in the previous trading week. Still, bulls appear to be building up, solidifying their base. Confirmation of the close above the middle BB of May 30 could spark demand, lifting DOT to new heights.
Polkadot Technical Analysis
DOT prices are above the flexible resistance line (now support) in a bullish breakout for the first time in roughly two months. Although DOTUSDT is within the May 11 trade range, the probability of buyers adding to their longs and breaking above $12 remains high. Such a move will nullify bears and set the ball rolling for more gains in the immediate term. At spot rates, aggressive DOT buyers may buy the dips as long as prices are above last week's lows of $8.7 in anticipation of a leg up above May 11 highs.
What to Expect from DOT
The resurgence of digital assets positively impacts DOT as it is up in green, arresting sellers and reviving bulls. Still, gains above $12 could trigger more buying pressure, allowing Polkadot bulls to unwind deep losses from early April 2022.
Resistance level to watch: $12
Support level to watch: $8.7
Disclaimer: Opinions expressed are not investment advice. Do your research.
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