Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Polkadot bulls can’t get past the $5.55 obstacle.
- Speculators look to ride the selling wave with shorts holding a 51.95% advantage.
Despite flipping the $5.23 level from resistance to support, Polkadot [DOT] buyers experienced a pushback at the $5.55 resistance. This resistance level has proved a tough one to crack in the past month and once again stood in the way of the bullish advancement.
Realistic or not, here’s DOT’s market cap in BTC terms
With the market going through a price lull and Bitcoin [BTC] dipping under $31k, the furtherance of DOT’s bullish charge will depend heavily on the $5.23 support holding.
Is another sideways price action on the way for DOT?
A look southward showed range activity for Polkadot the last time price was stuck between the support and resistance levels of $5.23 and $5.55 respectively. On the previous occasion, bears prevailed after a month-long tussle to take the price to the December 2022 low of $4.24.
However, the scenario could be different this time if the $5.23 support holds. This could give bulls an advantage for a breakout if DOT ranges again between the critical support and resistance levels.
The Moving Average Convergence Divergence (MACD) posted a bearish crossover on 30 June before another price rally reversed it. A break and session close below the $5.23 support on the 12-hour timeframe would lead to a full bearish crossover.
The recent price rejection at $5.55 also saw the Relative Strength Index (RSI) dip sharply from 67 to 54, highlighting the waning buying
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Author: Suzuki Shillsalot
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