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- The RSI line shows substantial bearish divergence concerning the DOT coin price action
- The DOT/BTC pair was trading at 0.00006405 BTC with a gain of 1.35%
- The 24hr trading volume for the DOT coin is $3.91 Billion
The DOT coin suffered an 18% drop on 7 September, just like many other coins in the Crypto market. However, the DOT coin price managed to hold above the critical support of $27, with a long lower price rejection, indicating that some buying pressure is still present. Also, forming a bullish morning star pattern at this level gives the coin a greater chance of bullish reversal.
The EMA’s indicates a bullish trend for DOT price is trading higher than the critical EMA’s 20, 50, 100, and 200. The chart also shows that there could be a bullish crossover between the 20 and 100 EMAs, which will attract more buyers to this market.
The RSI (BULLISH) current value is 53, indicating a bullish sentiment in the DOT coin. However, the RSI line shows a bearish divergence with the coin’s price action, indicating that the bulls are slowly losing momentum.
DOT Coin Crypto Chart In The 4hr Time Frame
The DOT coin price was struggling to cross a minor resistance level of the $32 mark. However, the price showed strong rejection from this level with a bearish engulfing pattern. Thus, the price could go back to test the $27 support before continuing with a directional move.
The moving average convergence/divergence indicator (BEARISH) shows both the MACD signal lines are moving above the neutral zone(0.00). However, it seems that these lines are on the verge of giving a bearish crossover, projecting a sell signal for its traders.
Conclusion: From a technical perspective, the price of DOT coins suggests a bullish outlook for both the indicators and price action, which is a good setup for the trend-traders looking for opportunities on the Crypto market.
As we mentioned, the coin price has bounced the $27 support level with a morning star pattern. However, the price is yet to provide a proper follow-up candle.
Support: $27
Resistance: $32
