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Polkadot (DOT) Regains Footing After 64% Drop Since All-Time High

2 mins
Updated by Levy Prata
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In Brief

  • DOT has bounced at the $17 horizontal support area.
  • It has created a double bottom pattern.
  • Technical indicators in the daily time-frame are bullish.
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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.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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