Joining the latest drops, DOT is down 2% today as it failed to push higher during the recent recovery. While remaining weak, it is now facing down following a slight drop from a key level. Following a steady rollover from a local peak, DOT tested a three-month low of $3.78 last week and pinned support there after a swift rejection. This brought a little bounce while the crypto traded well above the multi-month low up till this moment. Currently, trading appears a bit weak and now looks poise for another decrease. A drop off the current trading level could roll the price back to the recent low and losing it might cause more pain in the market. Should in case the price bounce back again, we can expect an increase above the $5.2 level that stopped the bulls during yesterday’s surge. If not, we may see another rejection capable of causing a serious dip. No doubt, the market has been under the bears’ radar for a while now. On the other hand, DOT seems to be forming a new bullish pattern on the daily chart. If this pattern comes into play, we can expect a major rally to the upside. Despite weeks of drop, the price is still within a buying range on the long-term scale. Holding the previous low level as support could trigger a strong recovery. DOT’s Key Levels To Watch Source: Tradingview Like many other cryptocurrencies, DOT’s next move is indecisive. The support levels to watch for drops are $4.45 and $3.78 – the previous low. If those levels fail to contain pressure, $3 would be the next key level to watch. An increase above the immediate $5.5 resistance could trigger a buy to $6.85. A surge above it could propel buying to the $8 and $9.67 levels. Key Resistance Levels: $5.5, $6.85, $8 Key Support Levels: $4.45, $3.78, $3 Spot Price: $4.9 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: wrightstudio/ 123RF // Image Effects by Colorcinch
