DOT sustaining a bullish trend for the long term could be dependent on flipping the $5.23 resistance to support.
What lies next for bulls after hitting $5The daily timeframe price chart of DOT showed a strong push by bulls from the $4.24 support level on 15 June. This level was last tested in January and it spurred a bullish trend for DOT, leading it to the year-high of $7.90.
While bulls revel in a return to the $5 price zone, a major hurdle lies at the $5.23 resistance level. The bearish flip of this level to resistance was a major low for bulls, as it had been fiercely defended over a month-long period. Bulls reclaiming the $5.23 level will serve as confirmation of a shift in momentum, with further targets lying at $6.12 and $7.02 levels.
The bullish crossover, along with the green bars above the zero mark on the Moving Average Convergence Divergence indicator, highlighted the growing bullish strength. In addition, the Relative Strength Indicator stood at 55, hinting at increased buying pressure. Alternatively, shorts could look to take advantage of a price rejection at the $5.23 level with $4.50 and $4.24 serving as profit-taking levels.
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