$DOT DOT/USDT, here is a detailed technical analysis:
1. Current Price Movement:
Current Price: DOT is trading at 8.27 USDT, showing a significant growth of +24.72% on the day.
Volume: The 24-hour volume is considerable (37.69 million DOT and 268.05 million USDT), indicating strong interest from market participants.
Important Price Zone: Price is close to the 8.259 Fibonacci resistance (0.618 level).
2. Fibonacci and Resistances:
Support:
0.382 level at 7.191 USDT and 0.236 at 6.531 USDT are the closest supports. These levels should be watched for a possible correction.
Immediate Resistance:
8.259 (0.618 Fibonacci): A critical resistance zone. A break of this level with volume would indicate strength to test the next level.
9.019 (0.786 Fibonacci): The most relevant resistance before reaching the 10.00 region.
3. Technical Indicators:
Stochastic RSI (14):
The Stoch RSI is at 100.00, indicating that the coin is overbought. This suggests that a correction may occur in the coming periods.
Volume: The increase in volume reinforces the strength of the current rally, but it is important to monitor whether it will be sustained.
4. Price Projections
High Potential:
If the price breaks the resistance of 8.259 USDT, there is room to advance to 9.019 and then 9.987 (level 1). The next most bullish target is 12.782 (1.618 Fibonacci).
Correction Risk:
If it fails to break 8.259, the price may correct to 7.191 (0.382) or test lower supports at 6.531 (0.236).
5. Final Scenario and Recommendation
Optimistic Scenario:
If price breaks 8.259 on volume, the move could continue higher to 9.019 or 10.00, in line with current sentiment.
Correction Scenario:
The overbought zone on the RSI suggests caution for immediate entries. Corrections to support levels are possible before further rallies.
Recommendation:
Short Term: Avoid overbought entries; wait for 8.259 break with volume to confirm strength.
Medium Term: Look for support at 7,191 as a strategic point for new entries if a correction occurs.
Stop Loss: Place stops below 6.531 (0.236 level) if allocated.
If you need additional adjustments, I can refine as needed! If you liked my short analysis and share it with your investor friend I will be happy to help in a possible decision making.$
$DOT
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