DOT price action forms a triangle pattern in the weekly chart.
DOT price trend shows a negative cycle starting in the triangle, ready to break below the $5 support zone. The bear cycle will test the $4.30 bottom support accounting for a 15% drop.
However, the uptrending RSI line depicts a divergence in the DOT price trend, predicting a bullish reversal from $4.30. Also, it increases the chances of an early reversal leading to an upside breakout.
The bullish breakout can rechallenge the overhead supply at $5.65.
DOT price trend shows a negative cycle starting in the triangle, ready to break below the $5 support zone. The bear cycle will test the $4.30 bottom support accounting for a 15% drop.
However, the uptrending RSI line depicts a divergence in the DOT price trend, predicting a bullish reversal from $4.30. Also, it increases the chances of an early reversal leading to an upside breakout.
The bullish breakout can rechallenge the overhead supply at $5.65.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.