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Polkadot token tries to bounce off $ 3.80

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Polkadot token tries to bounce off $ 3.80

Polkadot token tries to bounce off $ 3.80
CONTENT

  • DOT Trades Between $ 3.80 Support and $ 5.65 Resistance

  • The token completes the formation of the corrective wave C

  • Support levels in the DOT / BTC pair pass at 37,500 and 32,500

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Polkadot (DOT) rate is approaching important support, which can serve as a springboard for a rebound and a signal of the end of the current correction.

Trading range

After an impressive drawdown since September 1, on the 5th, the DOT touched a low of $ 3.53, from where it started to rise. The rise continued until September 14, when quotes reached a high of $ 5.57. Here is the token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More formed a local top, broke through the upward support line and has been declining ever since.

As a result, the $ 5.65 level retained its resistance status. At the time of writing the analysis, the price is around $ 4, approaching the support of $ 3.80.

Polkadot token tries to bounce off $ 3.80

DOT Chart by TradingView

Technical indicators are gradually starting to signal an improvement in the picture, but so far they do not show signs of a bullish reversal. MACD is increasing, but has not yet entered positive territory, and the RSI is in the oversold zone, but is not signaling bullish divergence.

DOT Chart by TradingView

Wave analysis

Since September 1, the DOT has been forming an A-B-C corrective pattern (black in the chart below), currently at the stage of wave C.

The two most likely levels to complete the correction are at $ 3.52 and $ 2.24. These levels were revealed due to the projection of the length of wave A to the top of wave B (0.618 and 1).

DOT Chart by TradingView

The short-term dynamics shows that wave C is being implemented within the bearish momentum (red on the chart). Which target will be reached depends on the extent of wave 5, but the first target of $ 3.52 seems to be the most likely.

DOT / BTC pair

Polkadot token tries to bounce off $ 3.80

Cryptocurrency trader @TheEurosniper tweeted the DOT chart and noted that the pair is likely to fall towards the 32,500 satoshi level.

Source: Twitter

The dynamics of the DOT / BTC pair is similar to the behavior of DOT paired with the dollar. The price reached the first support of 38,500 satoshi, the loss of which could send quotes to the 32,500 satoshi area, which coincides with the target indicated in the tweet.

So the DOT is likely to complete another short-term decline before resuming the upside..

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