Tony Bitcoin, a crypto analyst, warns that Polkadot’s DOT token must hold a key ascending support line to avoid further losses. According to Tony’s chart, DOT has repeatedly bounced off this ascending support over the past few months.
Now, with the DOT price dropping to retest this support around $7.40, Tony emphasizes it is “very important that $DOT does not lose the line.” If DOT breaks decisively below this support, Tony warns the price could continue falling further.
Bulls Defend Support, Sparking Price Bounce
At the time of Tony’s analysis, DOT was testing the crucial support line around $7.40. After his warning, the DOT price did bounce off this support level with a close above it.
Emboldened bulls have since pushed the DOT price higher, with the token trading around $7.80 at last check. The successful defense of the ascending support line means the DOT price remains in its short-term uptrend. As long as bulls can continue holding this line, the path of least resistance appears to be to the upside.
You may also be interested in:
- Has Bitcoin’s 4-Year Cycle Been Broken? A Closer Look Says No as BTC Price Faces Crucial Test
- Why Is SUN Coin Price Pumping?
- BONK Outperforming Shiba Inu (SHIB) as New Memecoin Rebel Satoshi ($RBLZ) Starts To Gain Investor’s Attention
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
