Inverted Cup and Handle Pattern, Bearish Warning? 🚀🔥
Polkadot (DOT) has recently attracted attention, and a potential bearish signal is quietly emerging—the inverted cup and handle pattern! 👀
📈 Pattern Revelation:
Cup Top: DOT has encountered strong resistance in the $7.50-$8.00 range, with upward momentum significantly slowing down, forming a rounded top, indicating weak upward potential. Handle Dip: The subsequent slight rebound was merely fleeting, and the price fell again, forming a key bearish continuation signal.
🔍 Key Levels:
Neckline Support: $7.00, this yellow lifeline, if broken, will confirm the bearish pattern. Downside Target: Once the pattern is established, DOT could drop to around $4.70, which would be a significant decline!
📉 Bearish Warning:
If trading volume supports it, once the neckline is broken, DOT may face a wave of selling frenzy, heading straight for the predicted target.
💡 Reversal Possibility:
But don’t rush, if DOT can hold the neckline and break above $8.00, the bearish pattern may fail, leading to new upward opportunities.
🔥 Conclusion:
DOT/USDT is currently facing a severe test; if the inverted cup and handle pattern holds true, $4.70 may become a new low. Traders, please fasten your seatbelts, closely monitor developments, and establish a solid risk management plan!
🤔 What do you think:
Can DOT turn the tide and hold the neckline? Or is a significant drop imminent? Come share your insights! 💬