DOT market, which began on January 11, was special. During the week, the largest trading volumes for the entire existence of Polkadot were recorded. Buyers have made every effort to ensure that growth continues without correction.
However, the $16.8-18 range stood in the way of buyers.
On January 16, buyers launched the largest-scale attack. However, sellers kept this range and the correction began. So far, there are many buyers in the market and the current local wave of decline is very similar to a slight correction before a new strong momentum of growth.
Since January 17, after the last unsuccessful attack by buyers, trading volumes have fallen significantly. Do buyers have enough strength left to buy DOT on market orders to break $16.8-18? It seems to us that no.
Our opinion will be confirmed by a weak test of the critical range and a new wave of decline with the first stop of $13.9 and global – $12.3.
We will consider the continuation of the growth trend only after fixing the price above $16.8-18. That is when it will be the best time to drive into position.
P.S. our global DOT idea:
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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