While some altcoins are still finding solid ground amid this week’s drops, DOT located support and bounced back after a short pullback. It appears bullish on the day following a 10% gain in the past hours.
Earlier this month, DOT traded as low as $3.66 after extending bearishly in the past month. But as it stands, this low seems to mark the bottom of the mid-term correction following the latest positive surge across the crypto space.
As shown on the daily chart, the overall market outlook is gradually changing to the upside as the bulls took control of the market in the last two weeks.
Currently, the crypto looks poise for another rally as it initiated a fresh surge from the $4.7 level – a newly created support. This surge came after pulling back under the $6 key level earlier this week.
Now that DOT attempts the mentioned key level again, we can expect a major break-up soon. A successful break-up should set the market up for a bigger recovery, leaving the bears in a more disbelief state.
Failure to break up this key level might bring a slowdown in the bullish move. But from the look of things, the bulls are much more likely to overcome the key level amid rising demand.
DOT’s Key Levels To Watch
Breaking through the $5.84 resistance in the ongoing surge, the next area of interest for the bulls would be $6.6, followed by May’s $7.8 high.
There are no signs of sell as the bears are currently off the market. But if they intercept the current surge, the price may pull back to $5.3. Losing the newly created support could bring the price back to $4.25 and maybe $3.9.
Key Resistance Levels: $5.84, $6.6, $7.8
Key Support Levels: $4.7, $4.25, $3.9
- Spot Price: $5.7
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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