DOT course falls after the Juni high test-will the support hold?

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Polkadot (DOT) erlebte in den letzten Tagen eine Kurskorrektur, nachdem die Bullen die Kontrolle verloren hatten und das Juni-Hoch von 5,5 US-Dollar erneut getestet hatten. Ein vorübergehender Anstieg über das Juni-Hoch führte zu einem Liquiditätsansturm, bevor der Kurs zurückging. Zum Zeitpunkt dieses Artikels lag der Preis von DOT bei 5,022 US-Dollar und damit unter dem März-Tief und der früheren Unterstützung von 5,2 US-Dollar. Die Ablehnung des Preises beim März-Tief verstärkte den Verkaufsdruck und führte dazu, dass die Verkäufer sich auf die 4,8-Dollar-Unterstützung konzentrierten, um weitere Gewinne zu erzielen. Obwohl eine Liquiditätsjagd über 4,8 US-Dollar hinaus nicht ausgeschlossen werden kann, könnten …
Polkadot (DOT) has experienced a course correction in the past few days after the bulls had lost control and had tested the Juni high of $ 5.5. A temporary increase over the Juni high led to a liquidity rush before the course went back. At the time of this article, the price of DOT was $ 5.022 and thus below the March low and the earlier support of $ 5.2. The rejection of the price at the March low increased sales pressure and led the sellers to concentrate on the $ 4.8 support in order to achieve further profits. Although a liquidity hunt beyond $ 4.8 cannot be excluded, ... (Symbolbild/KNAT)

Polkadot (DOT) has experienced a course correction in the past few days after the bulls had lost control and had tested the Juni high of $ 5.5. A temporary increase over the Juni high led to a liquidity rush before the course went back.

At the time of this article, the price of DOT was $ 5,022 and thus below the March low and the earlier support of $ 5.2. The rejection of the price at the March low increased sales pressure and led the sellers to concentrate on the $ 4.8 support in order to achieve further profits.

Although a liquidity hunt beyond $ 4.8 cannot be excluded, the bulls could try to secure support at $ 4.87. A recovery at $ 4.87 and a confirmed upward trend could be a purchase signal, especially if the Bitcoin price does not fall below $ 30,000. In this case, the direct goal would be $ 5.2, while the Juni high is a secondary goal.

on the 1-hour chart of co-canze, a data tracking platform for crypto derivatives, the open interest (OI) fell, but then stabilized. At the time of this article, the OI rose from $ 127 million to $ 131 million. The declining cumulative volume field has also stabilized, which indicates that the sales pressure has decreased. This indicates a possible price swivel and a possible recovery in the $ 4.87 support.

Nevertheless, it should be noted that a decline in the Bitcoin price could lead to a breakthrough of support. Therefore, the bulls should wait for a confirmed upward trend and a Bitcoin price over $ 30,000 before you strive for a re-entry.

A new version of Polkadot, Polkadot 2.0, was recently discussed, but this did not influence the price trend of DOT at the time of the constitution of this article.

Finally, the price development of Dot shows that the bulls have lost control in the past few days. The support at $ 4.87 could be a possible turning point, but the behavior of the Bitcoin price will be crucial. The open interest rates have stabilized, which speaks positively for possible recovery. However, investors should be careful and wait for a confirmed upward trend before getting back in.