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Home»Altcoins»DOT Moves Into A Bearish Zone – Will It Push Forward?
Altcoins

DOT Moves Into A Bearish Zone – Will It Push Forward?

2023-06-14No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author

  • DOT attempted to recover ahead of US CPI data for May
  • The funding rate was negative, but short positions were discouraged at press time

Dot [DOT] is just one of the assets the US SEC named as security during a recent Binance lawsuit. Its characterization as a “safeguard” alongside macro headwinds caused DOT to tank massively over the past week (June 5-10).


Is your wallet green? look at the DOT profit calculator


But the plunge subsided on June 10, leaving DOT to try to reverse its recent losses. At the time of writing, DOT was trading at $4,661, up 3% over the past 24 hours, according to CoinMarketCap. Likewise, Bitcoin [BTC] crossed $26k above May US Consumer Price Index (CPI) data.

Who will prevail: bulls or sellers?

Source: DOT/USDT on TradingView

After the Binance lawsuit and subsequent characterization of DOT as a security, DOT finally broke under its short-term reach formation (white) that began on May 8. It consolidated between $5.0 and $5.51 before dropping below the December 2022 lows to reach $4.2.

The extended decline on June 10 left a Fair Value Gap (FVG) of $4.53 – $4.8 (white). Notably, the FVG zone corresponds to a major resistance level in late December 2022/early January 2023 ($4.689). Therefore, it is a major roadblock for bulls to remove.

If the rally falters at the above roadblock, DOT could return lower to $4.33 or $4.2. These levels can act as short selling targets.

See also  XRP whales are making big moves amid market volatility

But a session close to the FVG zone at $4.8 will invalidate the above bullish statement. However, another FVG zone from $4.84 – $4.93 is close to the previous lows of $5. As such, a move above $4.8 could meet resistance near $5.

Meanwhile, the Relative Strength Index (RSI) reached the median and should face little resistance and ease buying pressure before attempting to move higher. However, the Chaikin Money Flow (CMF) broke sharply above zero, indicating massive capital inflows into DOT.

Negative financing rate: short films are discouraged

Source: Coinglass

Most centralized exchanges (CEXs) have been reporting negative funding rates for DOT since June 10, which could slow a strong rally capable of breaking the roadblocks ahead.


How many Worth 1,10,100 DOTs today?


Nevertheless, more short positions have been wrecked than long positions in the past four hours. It shows building bullish momentum ahead of the US CPI data. As such, the mixed signals call for caution and monitoring BTC’s price action before making any moves.

Source: Coinglass

Source link

Bearish DOT moves Push Zone
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