DOT Technical Analysis: Rising Channel Brings Buyers Back in Action

Key technical points:

Past Performance of DOT

A bearish reversal after the 8th of February peak at $23 results in an upward trend in the direction of DOT price. However, this reversal in a V shape fell the altcoin by 28.6%, bringing it down to $17.18 support. In addition, the coin chart illustrates a relief rally that raised the price 15.4% higher, reaching the $19.66 mark. 

Source-Tradingview

DOT Technical Analysis 

DOT price rising within a channel challenges the 50-day EMA and the psychological barrier at $20 as the buyers start a coup. Hence, closing above the resistance confluence will fire a bullish flare shot attracting buyers around the globe.

The downsloping EMAs for the 50 and 200-day suggest a strong bearish trend, with the 50-day being an opportunity to rescind the movement upwards. But, a possible break from the 50-day EMA will be able to reach the 200-day EMA, which would result in a rise of 20 percent.

MACD Indicator: It appears that the MACD, as well as the signal line, are set to join under the line of zero, which could trigger a bullish crossover. Therefore it is indicating a potential buying signal and will soon announce the possibility of a crossover.

RSI Indicator: The RSI slope shows a wavy uptrend approaching the halfway mark and surpassing the 14-day average line. Hence, the indicator reflects a gradual rise in the underlying bullishness.

In a nutshell, the DOT technical analysis shows a potential rise to the $22 mark.

Upcoming Trend 

DOT coin price projects a bullish reversal within the rising channel, increasing the chances of the rally approaching the $20 mark. Moreover, the breakout of the 50-day EMA will ensure a bullish rally to the next resisting EMA at $21.

Resistance Levels: $21 and $24

Support Levels: $18 and $17