Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
- The market construction on the 4-hour chart was bearish.
- The $7.2 help might be essential for short-term bulls.
Over the previous week, Bitcoin has oscillated between $23.5k and $25.2k. Polkadot bulls seized the initiative and drove the value on a ferocious rally final week. Now, although the technical construction was bearish, the bulls nonetheless have some hope.
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A protection of the $7.2 zone as help and a transfer again above the $7.5-$7.6 space shall be wanted earlier than we are able to conclude a bullish bias was current for DOT. The bounce from $6.9 to $7.38 was effort however the bears nonetheless had a bonus.
Polkadot witnessed a pointy bounce from the imbalance and is again above $7.2
Supply: DOT/USDT on TradingView
On the 4-hour chart, an inefficiency was seen within the $6.9-7.15 space. Highlighted in white, the presence of an FVG meant that the value was more likely to retrace to fill the realm earlier than persevering with its earlier uptrend.
Within the latest pullback, the bullish market construction on the 4-hour timeframe was damaged and flipped to bearish. The drop beneath the upper low on the $7.2 help degree had flipped the construction to bearish.
The RSI had additionally fallen steeply beneath the impartial 50 line to focus on the bearish momentum.
As an alternative of creating additional losses, the bulls have been in a position to claw their approach again upward as soon as extra. The bounce from $6.9 reached $7.38, however the construction remained bearish.
This meant a dealer’s bias on the H4 chart will be bearish. Regardless of the downturn, the CMF was at +0.14 to indicate important capital move into the market.
How a lot are 1, 10, and 100 DOT price immediately?
If Polkadot falls beneath $7.2, shorting alternatives will come up on decrease timeframes. Till then, a bounce and a rally have been a risk. If the bulls handle to drive costs above 7.56 within the coming days, $8 and $9 might be reached.
Open Curiosity sees a slight pullback alongside the value
Supply: Coinglass
On 17 February, Polkadot surged from the $6.3 zone and pushed previous the $7 mark. The subsequent day the value retested $7.2 as help.
At the moment, Coinglass knowledge famous a powerful enhance in Open Curiosity. This confirmed sturdy bullish sentiment available in the market at the moment.
In the course of the time of writing, the OI famous some decline. The value was additionally in a pullback. Collectively, they highlighted the market sentiment to be in bearish favor. The bulls didn’t possess a lot power as issues stand.