$DOT $DOT Testing Major Support! Reversal or Further Dip? 📉🚀
Technical Breakdown:
Polkadot (
$DOT ) is currently trading at 1.742, showing a -6.99% decrease in the last 24 hours. The price action is currently hugging the lower boundary of the market range.
Key Technical Observations:
Price Action: DOT recently hit a 24h low of 1.697 and is attempting a minor bounce from that level.
Bollinger Bands: The price is trading near the Lower Band (DN: 1.699), which often acts as a temporary floor for a relief rally.
RSI (Relative Strength Index): The RSI (10) is sitting at 39.64, indicating the asset is approaching the oversold zone.
MACD: The MACD remains in negative territory (-0.001), but the histogram shows the selling pressure is starting to flatten out.
My Trading Setup:
Entry Zone: Between 1.70 - 1.74 (Look for stabilization at support).
Take Profit 1: 1.772 (Middle Bollinger Band / MB).
Take Profit 2: 1.844 (Upper Bollinger Band / UP).
Stop Loss: Below 1.685 (To protect against a breakdown).
Market Sentiment:
While the trend is currently bearish, the proximity to the 24h low suggests a "Scalp Long" opportunity for a quick bounce back to the $1.80 level.
Are you buying the dip on
$DOT or waiting for a lower entry? Let's discuss! 👇
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