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POLKADOT – ALTCOIN CHART ANALYSIS

 


Polkadot (DOT) is still in a clear downtrend. After failing to make a higher high, we have now managed to make yet another lower low.


We are currently trading at around USD 14.50 and are therefore in an important green support zone. Yesterday's sell-off took place with a good deal of volume and made up for all of Wednesday's price gains.


The 4H-EMA Ribbons continue to be viewed as resistance. Another indicator that we are in a downtrend. A small 4H bullish-divergence on the RSI gives us some hope for a short-term trend reversal.


On the daily chart, we continue to see declining trading volume. The selling pressure still seems to be greater. Here, too, we have a bullish divergence, which could be a bit more meaningful.


On the daily chart, this could really represent a sustained trend reversal as long as our support zone holds and more buying volume is now coming into the market. Could this be the bears' final surrender?


Possibly, because with a little imagination we could also recognize a double bottom pattern. However, we have to wait for the next few days or the next week to see whether this really develops further.

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