Introduction
Polka Dot (DOT) is one of the most popular cryptocurrencies in the world, and it is also one of the most technically complex. In this article, we will analyze the current and potential future price movements of DOT using technical indicators and support/resistance levels.
Technical Analysis
On the 1-hour chart, DOT shows a bullish change of character and a strong low that is unlikely to be broken. The 50 EMA has also crossed the 200 EMA, which is a bullish sign.
However, stochastics on the 1-hour, 4-hour, 8-hour, and 1-day charts are all overbought, suggesting a potential downside correction.
Potential Price Movements
Based on the technical analysis, we can expect the following potential price movements for DOT:
- Short term: A downward correction to $339 to $345 is possible.
- Medium term: A potential “C wave” move to $422, with a target range between $426 and $434.
- Long term: A 50x or even higher potential gain in the next bull market.
Support and Resistance Levels
The following are key support and resistance levels for DOT:
- Support: $4.10 to $4.35, $339 to $345, $280 to $290
- Resistance: $47 to $49, $56 to $58, $67 to $69
Conclusion
It is important to note that this is a technical analysis of DOT’s price trends and does not constitute financial advice. Always do your own research before making investment decisions.
