ππ Critical make-or-break level for Solana! Can DOT go higher?
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Chart #1 - Polkadot (DOTUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the past week, DOT rallied over 30%, from $6.00 to $7.90, but has now retraced and is trading at $7.30 (within the $7.00 - $7.50 area of resistance).Β
If DOT consolidates in this area over the next couple of days, turning it into support, the price may test the next resistance between $8.00 - $8.50. If it gets rejected here and loses the $7 level, the next area of support is at $6.00 - $6.50 (daily ascending support line).Β
DOT is one of the China narrative coins that have been rallying over the last two weeks. If the crypto market can carry on with its bullish momentum, I expect to see a lot more upside for DOT in the coming weeks.
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Chart #2 - TOTAL3 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The TOTAL3 is at critical resistance, forming a third lower high. Rejection from this level means most altcoins will suffer.Β
If that is the case, my next step would be to see if a potential higher-low forms. I would hope to see it form at either $372 billion or worst case scenario at $350 billion.
In the chance that $350 billion is broken to the downside, it's possible that the TOTAL3 revisits its range lows at $300 billion, which would send alts back to their lows too.
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Chart #3 - Solana (SOLUSD) 1-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
Even though SOL's next move will be dependent on what bitcoin decides to do, it is critical for SOL to bounce at the current level it finds itself at.
If it can bounce from here, a massive breakout is highly likely.
But failure to bounce would mean that SOL could move back down to the $21 level. The move would be confirmed with a break below the diagonal trend line.
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Chart #4 - Bitcoin Dominance (BTC.D) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Bitcoin Dominance is at 44.5% (resistance) again, after retesting the previous support at 43%, and seems to be forming a double-top structure.Β
If BTC.D gets rejected here, the next crucial support levels are at 43% and 42.25%. But if the current area of resistance breaks, the next one is between 46% - 47.7%.Β
I expect the next BTC.D move to test higher levels as the crypto market corrects to the downside.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 60 today, indicating Greed.
The highest the index has been over the past seven days is 62, and the lowest is 53.
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Overall Market Sentiment (Banterβs Take)
Bitcoin is running out of time to break out!Β
If it fails to break out in the next 24 hours, bearish divergences will develop, and a deeper pullback could occur.
Stay safe my friends!
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