Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- DOT breached a crucial $4.32 short-term support.
- Selling stagnated, suggesting a likely range over the weekend.
According to TradingView, Polkadot [DOT] closed August in red, suffering over 16% loss on monthly performance. Although July posted mixed results, with an overall 1% loss, Q3 doesn’t look impressive for DOT bulls.
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On the other hand, Bitcoin [BTC] retested the $28k level on 29 August but reversed the gains and struggled to hold on to $26k as of press time. The losses meant sellers could gain more leverage into the weekend (2-3 September).
DOT cracks the $4.32 short-term support
The mid-August price dump was temporarily stopped at $4.32 short-term support. The support has been steady since June and had confluence with the weekly bullish order block (OB) of $4.22 – $4.59 (cyan).
For perspective, the weekly bullish OB prevented the June price dump, and a similar trend could bolster bulls. So, sellers could watch for a break below the cyan area before extending gains to $4.0 support.
On the other hand, BTC’s reversal to $26k hit a range-low, and a narrow price range over the weekend could be likely. If so, DOT could consolidate losses below $4.32 support over the weekend.
On the upside, the dynamic resistance level, 50-EMA (Exponential Moving Average), and the H4 bullish OB near $4.6 could be key targets if bulls regain
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Author: Benjamin Njiri
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