Issued on: 12th July’23
Valid upto: 19th July’23
Token: DOT
Category: Layer-0 metaprotocol
Market Cap: $6,327,415,904
Circulating Supply: 1,203,794,036
Total Supply: 1,333,272,913
Price Update:
DOT price at the time of writing (12th July, 12:30) is $5.27, with a 24-hour trading volume decreased by 11.65% to $93,926,440. DOT price is up by 1.63% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- In June, DOT underwent a significant test of the support level at approximately $4.247. As a result, the prevailing downtrend was reversed, and DOT began to experience an upward trend in its price movement.
- Based on the analysis of the 4-hour time frame, a notable falling wedge pattern was observed, which suggests a bullish outlook. Furthermore, there has been a breakout from this pattern, further indicating an increase in bullish sentiment.
- The demand zone for DOT is around $5.120. Another support level is at $4.747. On the upside, there are three resistance levels at $5.530, $5.735, and $6.022.
- A Long Trading strategy can be assessed between $5.220-$5.260 with an invalidation below $5.047
- On the upside, one can see a rise of 10-20% toward $5.530, $5.735 & $6.022
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: DOT is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade DOT in Futures Market at CoinDCX
LAST TWO WEEKS’ ANALYSIS SUMMARY:
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
Disclaimer: “The information and material contained are subject to change without prior notice including prices which may fluctuate based on market demand and supply. The material available on the site is proprietary of CoinDCX, its parent, Licensor and its affiliates and is for informational purposes and informed investors only. This material is not: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) intended to provide accounting, legal, or tax advice, or investment recommendations. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”
