Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
Polkadot’s [DOT] ongoing restoration is headed right into a bearish zone, which can impression merchants if a value reversal happens. A earlier report entailed that DOT had a promoting alternative if bulls have been discouraged in the identical bearish zone.
This time, there are extra hurdles to clear earlier than reaching the excessive vary. In the meantime, Bitcoin [BTC] has reclaimed $27k, but it surely stays to be seen if it’ll retest the $28k stage once more.
DOT edging greater to a number of roadblocks
Supply: DOT/USDT on TradingView
Above the rally lies a few FVG (honest worth hole) zones. The primary FVG zone ($5.47 – $5.61), white, was shaped throughout the drop on 8 Might.
The second FVG (crimson) was shaped simply above the mid-range stage of $5.35, whereas the third one (blue) aligns with the mid-range. This might make the realm above the mid-range a key bearish stronghold until BTC reclaims $28k.
In any other case, a value rejection might be imminent within the mid-range if BTC falters. Such a transfer may tip sellers to increase positive factors to the vary low of $5.2.
Alternatively, DOT may push by the FVGs and hit the vary excessive of $5.51 if BTC retests $28k. Nevertheless it may falter once more at this stage because the vary excessive aligns with one other FVG zone (white) of $5.47 – $5.61, particularly if BTC can’t transcend $28k.
The RSI and OBV registered upticks, confirming the latest shopping for stress and demand. Nevertheless, RSI rested in a impartial place, and the worth may take both route.
The CVD spot is up in June
Supply: Coinalyze
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The CVD (Cumulative Quantity Delta) spot, which tracks shopping for and promoting quantity, has steadily risen because the starting of June. It highlights the rising shopping for stress and consumers’ leverage. If Polkadot’s CVD spot rises additional, it’ll sign a break above the mid-range of $5.35.
Merchants ought to observe BTC value motion for extra optimized commerce setups.
