DOT - 12h. Global correction and new upward momentum

20 апр. 2021 г.

The buyers were not strong enough for only $ 1.5 to test the mark of $49.7. This mark was the target of our previous DOT idea:

Buyers managed to break the triangle up, which significantly raised the mood of investors. The new all-time high has been updated and nothing should have stopped the DOT price. However, on April 17, in just 24 hours, sellers managed to lower the DOTUSDT price by 30%. This situation made us take a fresh look at the DOT chart. First of all, we once again reaffirmed the importance of the range of $38-39. If you look at the hourly timeframe, you can see that the increased trading volumes in the DOT market began only after the price met the range of $38-39:

After breaking through this range, the price began to fall faster. And after an unsuccessful attempt by buyers to return this range on low volumes, the DOTUSD price updated its local minimum. Therefore, for a conservative entry into a DOT position, you need to wait for the price to consolidate above the range $38-39.

Our second observation is the global consolidation channel in which the DOT price moves from February 20:

The movement in the white channel is very similar to a simple correction after a powerful upward impulse. The key range for this consolidation is $30.5-31.5. Throughout the month, buyers carefully protect this price area. On March 24, sellers tried to break through this price zone using medium volumes. The attempt was unsuccessful. Now sellers are trying to conquer the range of $30.5-31.5 again. However, as we can see from the volumes, sellers spending more effort cannot update the local minimum of March 24. This fact tells us that sellers' exhaustion reaches the end and ahead of the DOT market. A new upward impulse awaits. However, this is a completely different story)

At the moment, we expect the continuation of the Polkadot price movement in this consolidation channel and a test of the mark of $50. If you are interested in seeing a global DOT idea - write about it in the comments!
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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