DOT Technical Analysis: New Trendline Contains The Breakout Rally

DOT prices surpass the long-coming resistance trendline but struggle to launch as a new retracement phase forms a descending triangle. Key technical points: The market prices show a bullish recovery of 3.66% over the past 24 hours. The descending triangle provides another breakout entry opportunity. The 24-hour trading volume of Polkadot is $375 Million, indicating a drop of 3.09%. Past Performance of DOT With the sell-off driving DOT market value down by 60% in April and May, the price action forms a falling channel in the daily chart. The downfall cracks under all the crucial EMAs and the $12 support to create a base at $8.75. Buyers capitalize on the bullish base formation to retest the $12 fallout before restarting the prevailing trend under the influence of a new resistance trendline. Source- Tradingview DOT Technical Analysis As mentioned in our previous article, Dot prices surpass the falling channel but the DOT prices struggle to reach $12. This is because the breakout rally faces bearish opposition from the new resistance trendline. Hence, the breakout of the new trendline will provide an entry spot for buyers. The three EMAs crucial for daily trading 50, 100, and 200-days remain in a bearish trend, representing the long-term correction rally. Moreover, the breakout rally will have to overcome the selling pressure on the EMAs to ensure the uptrend sustains. The MACD and signal lines display an uptrend and recently avo...