Polkadot
He found a substantial sales pressure, falling up to 5% before bouncing and potentially forming a double bottom pattern that points to a continuous movement upwards, according to the technical analysis model of Coindesk Research.
After initially trying to establish an upward trend with a peak of $ 3,787, DOT found a strong resistance and formed an bearish investment pattern, according to the model.
In recent negotiation, the DOT was 2.6% lower in 24 hours, quoting around $ 3.63 after having found a support of $ 3.59. The broader market meter, Coindesk 20, fell 0.5% at the time of publication.
The price action shows a potential form of double bottom pattern with the improvement of the impulse, which suggests more upwards if it maintains the support above the price level of $ 3.62, the model showed.
Technical analysis:
- DOT experienced a 24 -hour volatile period with a substantial range of 0.193 (5.1%), initially trying to establish an upward trend with a peak of $ 3,787 before finding strong resistance.
- The price action formed an bearish investment pattern since DOT did not remain above the level of $ 3.75, followed by the accelerated sale in high volume during 10:00 and 13:00 hours when the volume increased to almost 4 million units, well above the average of 24 hours.
- The support arose at $ 3,594, although the current price structure suggests a higher risk of decline as the closed point near the session minimums with weakened impulse indicators.
- In the last hour, DOT experienced significant volatility with a strong decrease of $ 3,643 to a minimum of $ 3,594, followed by an attempt to recover.
- The price found a strong support at the level of $ 3,594, which caused a V -shaped recovery that increased the DOT by 1.3% to $ 3,642.
- The recent price action forms a pattern of double potential background with an improved impulse, which suggests the possibility of a continuous upward movement if DOT can maintain support above the level of $ 3.62.
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