Polkadot: Watch out for DOT's 12% bounce if THIS level is breached

🚨 Polkadot: Watch out for DOT‘s 12% bounce if THIS level is breached 🚨

Polkadot: Watch out for DOT’s 12% bounce if THIS level is breached

Polkadot has some potential for a rally toward $5.25. Ah, the eternal optimism of the cryptocurrency enthusiast! 🤞
Any further gains were unclear, but the lack of overwhelming selling volume was a notable factor. One might almost think that the market is trying to tell us something… 🤔

Polkadot’s [DOT] 1-day price chart showed that the bears remained dominant. Ah, the bears, always so… bearish. 🐻

Like many other altcoins, DOT has also erased almost all the gains it made since November. The volume indicator gave some hope to new buyers, but holders experiencing losses have little reason to cheer. In fact, they might be too busy crying themselves to sleep at night 😭.

The importance of $4.62 for Polkadot bulls

The DOT market structure on the daily was bearish. The swing high at $5.25 was the level for the price to beat before it could make a market structure break. But, of course, the bears were having none of that. 😒

There was some local resistance at the $4.5 region that could oppose the buyers. Ah, the age-old question: will the bulls be able to overcome the resistance, or will they be defeated by it? 🤔

The MACD formed a bullish crossover, but it was still below the zero line, showing the momentum was predominantly bearish. On the other hand, the A/D indicator has made higher lows since February. One might almost think that the market is trying to tell us that there is hope… 🤞

Unlike the price action of Polkadot, the A/D indicator was slowly trending higher, although it hasn’t breached the December highs. Ah, the eternal optimism of the cryptocurrency enthusiast! 🤞

This was a slight encouragement. It showed that the trading volume during the heavy retracement was lesser than it had been during the volume surge on the way up. But, of course, that’s little comfort to the holders who are still nursing their losses. 😔

The flip side was that many of the DOT buyers from that rally were facing losses, and could be eager to get out at breakeven. Ah, the joys of being a cryptocurrency investor! 😂

Therefore, breaching the resistances to the north such as $5.38 and $6.72 could be a difficult battle. But, of course, the bulls are always up for a challenge! 💪

On the 4-hour chart, things looked slightly more encouraging for the bulls. The sub-structure was bullish and Polkadot has made higher lows over the past five days. The key level to breach on this timeframe was at $4.62. Ah, the eternal optimism of the cryptocurrency enthusiast! 🤞

A move beyond this level would shift the 4-hour swing structure bullishly. However, traders must remember that the daily structure was bearish. Ah, the eternal conflict between the bulls and bears! 🐻 vs 🐻

A move beyond $4.62 might not initiate a sizeable rally, but it could still be profitable if it continued to climb 13% to reach the $5.25 level. Ah, the joys of being a cryptocurrency investor! 😂

2025-03-20 04:11

The importance of $4.62 for Polkadot bulls

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