DOT plummets 18%, can it rebound at key support?

Market Analysis

DOT today dropped significantly by 18.76%, with the price hitting a low of $7.50 and currently hovering around $8.20. Market sentiment is low, and bearish forces are clearly dominant, with a possibility of continuing to test key support areas in the short term.

Key Levels

• Support Levels: $8.00, $7.50, $7.00

• Resistance Levels: $9.00, $9.50, $10.00

The current price is approaching the $8.00 support. If this level is broken, it may further test $7.50 or even lower.

Short-term Strategy

1. Long Position Strategy

• Entry Point: $8.00

• Add Position Point: $7.50 (if the price stabilizes and rebounds)

• Stop Loss Point: $7.00

• Take Profit Points: $9.00, $9.50, $10.00

2. Short Position Strategy

• Entry Point: $9.00 (rebound to resistance level)

• Add Position Point: $9.50

• Stop Loss Point: $10.00

• Take Profit Points: $8.50, $8.00, $7.50

From the current trend, DOT is likely to continue to decline in the short term. If the $8.00 support level is broken, the price may quickly fall back to $7.50; however, if it stabilizes here, the rebound target is $9.00 or higher.

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