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- The confluence of resistance on the $6.6 area made it a major zone of provide.
- One other rejection there would point out the formation of a spread.
The upper timeframe value chart of Polkadot confirmed a bearish leaning, although the asset posted beneficial properties of 30% from 10 March to 18 March. The market construction remained bearish, and DOT appeared to commerce inside a spread.
Learn Polkadot’s [DOT] Worth Prediction 2023-24
The bulls have been in a position to halt the losses on the $5.3 degree. Throughout March the patrons have been profitable in pushing costs again above the $5.8-$6 area.
This was doable when euphoria gripped the crypto market when BTC rallied from $20.6k to $$28.8k.
The $6.6 bearish order block was not but breached
Supply: DOT/USDT on TradingView
On the each day timeframe, the bearish construction of Polkadot was evident once we contemplate the truth that the drop in costs didn’t see a noticeable stall since mid-February when DOT noticed a harsh rejection on the $7.75 mark. One of many bearish order blocks that DOT shaped on the each day timeframe throughout this slide was highlighted by the pink field within the $6.6 area.
Real looking or not, right here’s DOT’s market cap in BTC phrases
However the restoration of DOT didn’t but shift the construction, because the native excessive shaped on 18 March at $6.7 was solely a decrease excessive within the downtrend. This has confluence with the bearish order block on the $6.6 area from late February.
The RSI confirmed some bullish momentum however didn’t but present a powerful uptrend in progress. In the meantime, the OBV was flat up to now week and has slid southward from mid-March.
The decrease timeframe sentiment strongly favored bulls
Supply: Coinalyze
On the 1-hour chart above we are able to see that the funding charge has recovered and was again in optimistic territory. This denoted bullish sentiment out there. Coinalyze knowledge additionally confirmed Open Curiosity was on the rise alongside DOT costs.
This indicated bullish sentiment within the short-term as patrons seem prepared and prepared to bid on any DOT dips. Therefore, DOT may register additional beneficial properties within the close to time period to succeed in the $6.6 resistance. Thereafter, a rejection would point out the formation of a spread for Polkadot from $5.85-$6.6.
