Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Polkadot’s [DOT] ongoing recovery is headed into a bearish zone, which may impact traders if a price reversal occurs. A previous report entailed that DOT had a selling opportunity if bulls were discouraged in the same bearish zone. 

This time, there are more hurdles to clear before reaching the high range. Meanwhile, Bitcoin [BTC] has reclaimed $27k, but it remains to be seen if it will retest the $28k level again.

DOT edging higher to multiple roadblocks

Above the rally lies a couple of FVG (fair value gap) zones. The first FVG zone ($5.47 – $5.61), white, was formed during the drop on 8 May. 

The second FVG (red) was formed just above the mid-range level of $5.35, while the third one (blue) aligns with the mid-range. This could make the area above the mid-range a key bearish stronghold unless BTC reclaims $28k. 

Otherwise, a price rejection could be imminent in the mid-range if BTC falters. Such a move could tip sellers to extend gains to the range low of $5.2. 

Alternatively, DOT could push through the FVGs and hit the range high of $5.51 if BTC retests $28k. But it could falter again at this level as the range high aligns with another FVG zone (white) of $5.47 – $5.61, especially if BTC cannot go beyond $28k. 

The RSI and OBV registered upticks, confirming the recent buying pressure and demand. However, RSI rested in a neutral position, and the price could take either direction.

The
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Author: Suzuki Shillsalot

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