Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- DOT bulls lost control after retesting the June high of $5.5.
- Spot CVD declined, but Open Interest rates steadied.
Polkadot [DOT] sellers have consolidated their control since price rejection at the June high near $5.5. A short foray above the June high was a liquidity hunt as DOT hit $5.64 on 3 July before entering a pullback.
Read Polkadot’s [DOT] Price Prediction 2023-24
At the time of writing, DOT’s price was $5.022, below the March low and former support of $5.2. Another price rejection at the March low further reinforced sellers’ leverage, setting them to focus on the $4.8 support for extra gains.
On the development front, a new version – Polkadot 2.0 featured in recent talks, but the narrative hasn’t changed DOT’s price trend by the time of writing.
Will the immediate support hold?
The impressive recovery from June hit a snag at retesting the June high. The price rejection saw DOT reverse part of the recent gains, shedding over 10% after dropping from $5.64 on 3 July to $5.02 at the time of writing.
The drop flipped the March low and May support of $5.2 into a resistance. So far, bulls failed to reclaim, giving sellers more edge to seek gains at the next support level – $4.87. Although a liquidity hunt beyond $4.8 can’t be overruled, bulls could attempt to secure the support.
So, a rebound at
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Author: Benjamin Njiri
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