Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.
- At the time of writing, the DOT was quite bullish on the daily price chart.
- DOT’s funding rate was positive and sentiment improved.
Moles (DOT) The bulls were bullish on the $8 price after breaking out of a hot selling pressure zone. So far, the TOD is up 70%, building on an impressive increase in January. But more importantly, Bitcoin’s (BTC) retest of $25K recently caused DOT bulls to rally from a critical selling pressure zone.
Reading Dot (DOT) Price Prediction 2023-24
Will the new support zone hold?
Despite having seen a rally in recent weeks, the DOT faced significant challenges. At the end of January it entered an extended consolidation phase, ranging from $6,103 to $6,614. It broke above the range on Feb 3 but settled in the bid zone at $7,000, breaking below the ascending line.
The price rejection to $7,000 put the DOT into a correction and it lost about 14% of its value. But the slide was stopped by the previous support level of $6,103. After that, the bulls’ rally broke above the $7,000 barrier and turned resistance into support.
At the time of writing, support has been confirmed, and bulls are shooting to target higher resistance levels. Long-term bulls can target $8 if it crosses another hurdle at $7,751.
A break below the $7,000 resistance-turned-support will invalidate the bullish thesis. Such a drop would prompt bears to look for short selling opportunities at $6,614 or $6,103. In an extremely bearish scenario, the DOT could reach towards the $5,000 level.
how much is 1,10,100 points is it worth it today?
DoT sees a positive funding rate and improves investor outlook
Source: Feeling
The DOT saw an improvement in the investor outlook, as shown by the easing of weighted sentiment.
Sentiment moved from negative territory and was slightly above the neutral level.
In addition, the demand for DOT in the derivatives market was impressive, as evidenced by the positive funding rate. Collectively, these positive metrics suggest bullish sentiment that could lead the bulls to target $8.
In addition, approximately $450 million worth of short positions were liquidated in the last 24 hours, According coinize. This further bolsters the possibility of a move towards the September resistance at $8,027.
