Dot is in a downtrend and there is a possibility for the market reversal from this zone of range. Right now, we dont have any solid direction for the polkadot to predict the exact direction for the bearish or bullish move. We will just be taking the position within the range.

The descending trendline has been broken out for buys and has been validated after the breakout. Once the breakout has happened, market has been ranging, Now, we anticipate the mark up towards the bullish side.

The retracement level of 61.8% is in confluence with the support level. This will engage as a markup for the price on this crypto.

The EMA 50 has been bearish in the downtrend. But we still have the potential for the market to retest the EMA 50. There is a chance for the market to break the EMA 50 and continue moving up.

RSI is at 38. This area is a good area if it falls to the over sold region and forms a bullish divergence. Once formed, we will have a decent constituent for this purpose.Or, if it moves above the 50 mark region.

Double bottom on Polkadot

Dec 11 2022