Polkadot (DOT) has been moving upwards since Feb 24 and has created two higher lows so far. It is following a short-term ascending support line.
DOT has been decreasing since reaching an all-time high price of $55.09 on Nov 4. The downward movement caused the price to return to the $17 horizontal support area in Jan and Feb.
Once there, it bounced and created two long lower wicks (green icons), which are considered signs of buying pressure. Furthermore, it is possible that it has created a double bottom, which is considered a bullish pattern.
Despite the ongoing increase, measuring from the all-time high, DOT has decreased by 64% so far.
Will the upward movement continue?
Cryptocurrency trader @CryptoNTez tweeted a chart of DOT which shows that the price has begun a small upward movement.
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