DOT explodes 11% in 24 hours, this is the next target

The price of DOT has increased significantly throughout the past day and this seems to be indicative of a bullish divergence.

Major support level: $23.

Key resistance: $32.

DOT briefly dipped below $23, but has only increased since. During the recovery, the RSI formed a major bullish divergence from the December 20 low. This has created bullish momentum for DOT, which is rapidly approaching the critical resistance at $32.


Source: TradingView

Technical Indicators

Volume: This current increase is due to good volume, but nothing out of the ordinary from the past weeks.

RSI: The daily RSI has produced a clear bullish divergence as indicated in the chart below by the yellow arrows. This is a signal to the buyers, indicating that it is time to focus attention on the DOT and the price is currently showing it.

MACD: The daily MACD is away from the bullish crossover. This is good news for the bulls as DOT can engage in a sustained rally, at least until it faces a critical resistance at $32.


Source: TradingView

In summary, DOT is currently showing an uptrend and is clearly shown by the indicators as mentioned above.

Short-term prediction for DOT . price

DOT currently has the advantage and the price is expected to soon reach the critical resistance of $32. Of course, the overall market dynamics are one that should be considered accordingly.

You can see the DOT prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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