Polkadot [DOT] rejected at 23.6% Fib level- Here are key levels to consider
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
- DOT confronted rejection at 23.6% Fib stage ($5.378) after BTC dropped under $27k.
- Quantity dipped under late April’s stage; sentiment improved barely.
Polkadot’s [DOT] short-term downtrend persists amidst Bitcoin [BTC] value fluctuations. At press time, BTC misplaced maintain of $27k, setting DOT for value rejection on the 23.6% Fibonacci retracement stage ($5.378).
Learn Polkadot [DOT] Value Prediction 2023-24
DOT has been constantly dropping after shedding maintain of the $7 psychological stage on 18 April. Value motion since late April chalked a descending parallel channel (white).
A bears’ paradise, or will bulls see reprieve?
Supply: DOT/USDT on TradingView
A Fibonacci retracement instrument (yellow) was positioned between latest swing highs and lows on 26 April and 12 Might, respectively. Based mostly on the instrument, since 8 Might, the value has been oscillating between 38.2% ($5.539) and 0% ($5.117) Fib ranges.
DOT’s concerted rally on 12 Might confronted value rejection at 23.6% Fib stage ($5.378). However the drop eased close to $5.233 as of press time.
If the short-term bearish stress persists, DOT may clear the $5.233 hurdle and settle at a mid-range stage close to $5.172, $5.117, or the vary low of $4.939. These ranges may act as extra short-selling targets.
Alternatively, near-term bulls may acquire leverage if the value shut above the 23.6% Fib stage ($5.34). Such a transfer may tip them to clear the bearish order block at $5.433 and goal the 38.2% Fib stage ($5.539).
In the meantime, the RSI was under the mid-range whereas CMF (Chaikin Cash Circulate) slid under the zero mark – a dip in shopping for stress and capital inflows.
Volumes dipped barely; sentiment improved
Supply: Santiment
How a lot are 1,10,100 DOTs value right this moment?
In accordance with Santiment, DOT’s quantity at press time (98 million DOTs) was under April’s peak of 307 million. Regardless of the dip in quantity, weighted sentiment retreated from the deep detrimental territory – confirming traders’ confidence improved.
Nonetheless, the fluctuating buying and selling volumes, funding charges, and BTC costs may undermine a powerful restoration for DOT. Therefore, value monitoring these fronts for optimized trades.
