What to know:
- In a dramatic turn of events, DOT plummeted by 5% before deciding it was time to bounce back, trading 1.9% lower. Talk about a rollercoaster! 🎢
- But wait! There’s a glimmer of hope as a potential double bottom pattern has formed, suggesting that DOT might just be warming up for a comeback. 💪
Ah, Polkadot! The cryptocurrency that seems to have a penchant for dramatic exits. It faced a veritable avalanche of selling pressure, dropping as much as 5% before it remembered that it had legs and could rebound. According to the wise sages at CoinDesk Research, this could be the start of a double bottom pattern, which is not as painful as it sounds.
Initially, DOT tried to establish an uptrend, peaking at a lofty $3.787, only to be met with resistance so strong it could have been mistaken for a bouncer at a nightclub. The bearish reversal pattern that followed was like a bad hangover after a night of too much excitement.
In the latest trading escapade, DOT found itself 2.6% lower over the last 24 hours, hovering around $3.63, having found a cozy little support at $3.59. Meanwhile, the broader market gauge, the CoinDesk 20, was down 0.5%—because why should it have all the fun?
The price action is hinting at a potential double bottom pattern, which, if it plays its cards right, could lead to further upside. But only if it can keep its head above the $3.62 price level. No pressure, right?
Technical Analysis:
- DOT had a wild 24-hour ride, with a range of 0.193 (5.1%). It tried to establish an uptrend, but alas, the resistance was too strong, like trying to push a boulder uphill.
- After failing to hold above the $3.75 level, DOT experienced a selling frenzy, with volume spiking to nearly 4 million units during the 10:00 and 13:00 hours. It was like a stampede at a sale—everyone wanted out!
- Support emerged at $3.594, but the current price structure suggests that further downside risk is lurking like a cat waiting to pounce on an unsuspecting mouse.
- In the last hour, DOT saw significant volatility, plummeting from $3.643 to a low of $3.594, before attempting a recovery. It’s like watching a soap opera—will it survive the drama?
- Strong support at the $3.594 level triggered a V-shaped recovery, pushing DOT up by 1.3% to $3.642. It’s like the little engine that could!
- The recent price action is forming a potential double bottom pattern with improving momentum, suggesting that if DOT can keep its act together above the $3.62 level, it might just be on the road to recovery.
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2025-06-18 19:04