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2022-01-14 12:00:12

DOT Technical Analysis: Bearishness Within Inverted Flag Pattern : Is It The Best Time To Sell?

DOT coin price action shows a rise in the underlying bearishness within the inverted flag pattern teasing a fallout shortly. Polkadot is a base for a decentralized internet that is managed by its users and helps to make it easier to create new institutions, applications, and services. The Polkadot protocol allows for the connection of the private and public blockchains, without permission oracles, networks, and the latest technological advancements, making it possible for these distinct blockchains to securely exchange information and data through their Polkadot Relay Chain. Let us move ahead to read about the Polkadot technical analysis. Past Performance of DOT DOT coin price shows a consolidation phase in action from last month between $32 and $24 in the daily chart. The consolidation range comes after a 50% fall from the horizontal level at $54. Therefore, the price action forms an inverted head and shoulder pattern in the daily chart. DOT/USD Daily Chart DOT Technical Analysis The DOT coin price resonates close to the support level of the flag pattern and indicates a bullish reversal. However, the higher price rejection within the range shows lower high formation. The crucial EMAs (50, 100, and 200) maintain a falling trend with the 50-day EMA providing dynamic resistance resulting in the higher price rejection. Therefore, the higher price rejection with falling 100-day EMA increases the chances of a bearish crossover with...

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