$DOT /USDT Daily Chart Analysis
Price Overview:
DOT is currently trading at $7.142, down 4.80% for the day. After reaching a local high above $11.50, DOT has entered a correction phase and is now testing key support levels.
Key Moving Averages:
9-day SMA: $7.256. DOT is trading slightly below this level, indicating short-term bearish momentum.50-day SMA: $7.603. This acts as resistance, and DOT needs to reclaim this level to regain bullish sentiment.
Trend Analysis:
DOT had a significant rally in November, but the uptrend weakened in December. The price is now in a downtrend as it struggles to hold above the short-term SMA.
Support and Resistance Levels:
Immediate Resistance: $7.256 (9-day SMA) and $7.603 (50-day SMA). Breaking above these would signal recovery.Immediate Support: $7.00. A break below this could lead to further downside, targeting the $6.50 zone.
Volume Analysis:
Trading volume is at 1.91M, reflecting declining participation, which may indicate weakening momentum in either direction.
Summary
DOT is consolidating after a significant correction from its November highs. The price faces resistance at $7.256 and $7.603, while $7.00 acts as critical support. Traders should watch for a breakout or breakdown to confirm the next move.