- The DOT token price is bullish for the short term as it managed to bounce off the demand zone, rising back to the supply zone.
- The DOT token price is forming a rounding bottom pattern on a daily time frame.
- The pair of DOT/BTC is trading at the price level of 0.0003211 with an increase of 3.76%% in the past 24 hours.
The DOT token price is bullish as per the price action. The DOT token price faced strong bullish pressure from the demand zone. As a result, the DOT token price rose back to the supply zone. The rise in the DOT token price was rapid, wherein the token price broke the small term supply zone with a strong bullish candlestick pattern. Despite the recent bearishness, the token price is still on an upwards trajectory as it trades. The token price is making higher high and higher low formations on a daily time frame. The DOT token price is currently trading at the lower band of the Bollinger band indicator. This happened after the token price failed to surpass the upper band. The DOT token price is currently trading above the important Moving Average of 50 and 100. The recent breakout of the supply zone resulted in the breakout of Moving Averages. The token price has risen above the 14 SMA. Moving upward token prices can face strong rejection of the supply zone and therefore the investor should remain cautious and wait for the token price to show clear trend signs.
The DOT token price is forming a rounding bottom pattern on a daily time frame
Average Directional Movement Index: ADX curve has been moving as the token price rose rapidly. As of now, the ADX curve has turned upwards as the token price rose. At present, the ADX curve price is 18.79. The ADX curve has risen above the 15 mark, it has turned upwards. If the DOT token price fails to sustain above the current demand zone and breaks it down, then the ADX curve can be seen falling supporting the trend.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token rose to the supply zone on a daily time frame. The blue line crossed the orange line on the upside. This has resulted in the token price rising strongly. Once the token price starts moving up again after a proper breakout and retest, the MACD lines can be seen widening supporting the trend. After the breakout of the small demand zone, the token is now trading in a small range, resulting in consolidation.
Relative Strength Index: Recent bullishness in the price of DOT token price has resulted in the RSI curve rising. The RSI curve is currently at 58.89, as it rises above the halfway mark of 50. The RSI curve has also crossed the 20 EMA on the upside. Thus indicating bullish momentum in the price of the token in the upcoming days. If the token price successfully bounces off the demand zone, then the RSI curve can again be seen crossing the halfway mark of 50, supporting the trend.
CONCLUSION: The DOT token price is trading at crucial levels on a daily time frame. Recent bullishness has helped the DOT token price to trade in an uptrend despite the bearishness prevailing in the global market. It remains to see if the token price will successfully break the supply zone or face bearish pressure and fall.
SUPPORT: $05.50 and $5.30
RESISTANCE: $7.10 and $6.90