Brief Analysis——DOT
Volatility in the market fell further over the weekend, with many tokens trading within a range. The brief analysis will continue to review the tokens analyzed in the past. What we choose today is DOT and LTC.
After our last analysis, the bears strengthened and DOT broke the black line downwards. Like most tokens, DOT fell further and approached the lows of the year again. During the decline, the rebound was weak, and the price almost fluctuating instead of rebounding.
On Monday, DOT broke through the upper rail of the week-long range, with increased trading volume. But on the following day, when BTC led most tokens to rise, DOT did not rely on the already strengthened bulls to further rise. Eventually the candle formed an upward pin-bar. In the next few days, the market began to pull back, and DOT not only lost gains, but even fell close to the low point of the year.
Conclusion: Mostly fluctuation, and more likely to fall than to rise. DOT remains bearish on a large scale. But the current price is close to the low of the year, and we think this level will provide strength to the bulls. So we come to this conclusion. We set new resistance level at 4.70 and support level at 4.22, which is the low for the year.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
After our last analysis, the bears strengthened and DOT broke the black line downwards. Like most tokens, DOT fell further and approached the lows of the year again. During the decline, the rebound was weak, and the price almost fluctuating instead of rebounding.
On Monday, DOT broke through the upper rail of the week-long range, with increased trading volume. But on the following day, when BTC led most tokens to rise, DOT did not rely on the already strengthened bulls to further rise. Eventually the candle formed an upward pin-bar. In the next few days, the market began to pull back, and DOT not only lost gains, but even fell close to the low point of the year.
Conclusion: Mostly fluctuation, and more likely to fall than to rise. DOT remains bearish on a large scale. But the current price is close to the low of the year, and we think this level will provide strength to the bulls. So we come to this conclusion. We set new resistance level at 4.70 and support level at 4.22, which is the low for the year.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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