The $DOT/USDT chart shows a significant bearish movement with the price declining 17.89% today and 13.35% over the past 7 days. The 24-hour high of $9.92 and low of $7.50 indicate heightened volatility. Currently, the price is consolidating near $7.85 after a sharp drop from its recent highs around $12.
Analysis and Strategy
1. Short Position: The bearish momentum suggests a potential continuation of the downward trend. Enter a short position if the price breaks below $7.50.
Stop Loss: Place it around $7.95 to minimize risk.
Target: Aim for $7.00 as the next key support level.
2. Long Position: If the price shows strong buying momentum above $8.00 with increased volume, consider a long position.
Stop Loss: Place it near $7.40 to protect against further downside.
Target: Look for a rebound towards $8.80–$9.20, aligning with previous resistance zones.
Additional Considerations
Monitor market sentiment, macroeconomic factors, and volume closely to confirm your strategy. A sharp recovery above $8.00 or a breakdown below $7.50 will provide clearer directional signals. Use tight risk management as the current market is volatile.
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