Crypto Prices: Polkadot (DOT) Wobbly Above The Lows Of The Last Two Years

By November 14, 2022Polkadot
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The prices of Polkadot (DOT) have been going through a phase of stabilization since November 10th through repeated changes in trend, within the range between 5.32 and 6.17. This range was formed in the single session of last Thursday, on November 10th, immediately after reaching the lows of 5.32 which represent the lowest value of the last two years.

DOT on the Minimum to Two Years

To find similar prices, it is necessary to proceed backwards until December 2020, essentially the same days in which the strong rally started that would then lead to the all-time highs of 2021. This time, however, signs of a bullish rally in formation just not if they see it. Immediately after hitting the lows, Polkadot took the path of stabilization, consolidating itself for almost 5 days already. This is a technically not encouraging event, as it is allowing the moving averages to position themselves firmly above the prices as a function of resistances, as can be seen on the daily candlestick chart.

If we go to the intraday scan chart, with 30-minute bars, we can realize how the resistances have lowered compared to the analysis of last day 9. Currently, sellers are concentrating at an altitude of 5.78 / 5.83 and at an altitude of 6.35 / 6.39, levels that will constitute as many points to restart the decline in the event of recoveries, in particular between tonight and next Wednesday, November 16.

The projections are bearish with the main target at 4.79, to be reached by passing through a first intermediate target at 5.11. It is possible that, having reached this last level, the market could generate a provisional relationship within the expected bearish movement, before resuming to decline to the main target. The technical signal is short only on new resistance tests, in any case from detections not lower than 5.77. We want to avoid intervening too far from the resistances, so as not to end up with a theoretical relationship between risk / benefit that is not optimal. The scenario would be canceled by the eventual break of the second resistance, through a close on the 30-minute chart above 6.39.

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