Polkadot patrons have defended $6.9 as help, is $9 the following goal?

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

• The market construction on the 4-hour chart was bearish.
• The $7.2 help may very well be important for short-term bulls.

Over the previous week, Bitcoin has oscillated between $23.5k and $25.2k. Polkadot bulls seized the initiative and drove the value on a ferocious rally final week. Now, though the technical construction was bearish, the bulls nonetheless have some hope.

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A protection of the $7.2 zone as help and a transfer again above the $7.5-$7.6 space shall be wanted earlier than we will conclude a bullish bias was current for DOT. The bounce from $6.9 to $7.38 was a very good effort however the bears nonetheless had a bonus.

Polkadot witnessed a pointy bounce from the imbalance and is again above $7.2

On the 4-hour chart, an inefficiency was seen within the $6.9-7.15 space. Highlighted in white, the presence of an FVG meant that the value was prone to retrace to fill the realm earlier than persevering with its earlier uptrend.

Within the current pullback, the bullish market construction on the 4-hour timeframe was damaged and flipped to bearish. The drop beneath the upper low on the $7.2 help stage had flipped the construction to bearish.

The RSI had additionally fallen steeply beneath the impartial 50 line to spotlight the bearish momentum.

As a substitute of constructing additional losses, the bulls have been in a position to claw their manner again upward as soon as extra. The bounce from $6.9 reached $7.38, however the construction remained bearish.

This meant a dealer’s bias on the H4 chart will be bearish. Regardless of the downturn, the CMF was at +0.14 to point out vital capital stream into the market.

How a lot are 1, 10, and 100 DOT value right now?

If Polkadot falls beneath $7.2, shorting alternatives will come up on decrease timeframes. Till then, a bounce and a rally have been a risk. If the bulls handle to drive costs above 7.56 within the coming days, $8 and $9 may very well be reached.

Open Curiosity sees a slight pullback alongside the value

On 17 February, Polkadot surged from the $6.3 zone and pushed previous the $7 mark. The following day the value retested $7.2 as help.

At the moment, Coinglass knowledge famous a robust enhance in Open Curiosity. This confirmed robust bullish sentiment available in the market at the moment.

In the course of the time of writing, the OI famous some decline. The worth was additionally in a pullback. Collectively, they highlighted the market sentiment to be in bearish favor. The bulls didn’t possess a lot power as issues stand.