DOT price fluctuates and falls back, how to seize the opportunity around $9?

Market Analysis:

DOT's current price is $9.54, with a highest of $10.55 and lowest of $9.41 in the last 24 hours, down -8.72%. From the daily chart, the price has retraced below the MA(7) moving average, and the short-term momentum has weakened, but the overall upward trend has not been completely destroyed. We need to pay attention to the reaction at key support levels.

Support and Resistance Levels:

• First support level: $9.00

• Second support level: $8.50

• Third support level: $7.80

• First resistance level: $10.00

• Second resistance level: $10.50

• Third resistance level: $11.00

Short-term Trading Strategy:

1. Long Position Strategy:

• Entry: Enter long position when the price retraces to around $9.00.

• Take Profit: $10.00.

• Stop Loss: $8.80.

2. Short Position Strategy:

• Entry: Enter short position when the price rebounds to around $10.50.

• Take Profit: $9.50.

• Stop Loss: $10.80.

In the short term, DOT may fluctuate and consolidate in the $9-$10.50 range, but if it can hold the $9 support level, there is potential to challenge the $11 high again. If it breaks below $9, we need to be wary of further downward risks.

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