- The price of Polkadot approached the territory of overburdened territory as Bulls defended $ 3.35.
- Negative funding and open interest rises suggested the coming volatility despite the weakening of the weakness.
Polkadot (dot) In the last few weeks, sales pressure has been stronger, but market participants have begun to find signs of potential recovery.
Although DOT struggled to get upward exercise, the hot chain and technical indicators suggest the possibility of conversion of emotions.
In the press time, the DOT has been traded at $ 3.47, reflecting a 3.10% drop over the last 24 hours. Despite these decline, the main support level is strongly maintained and suggests that the buyer can prepare for a counterattack.
Are you ready to pop out of the radiation conditions?
DOT popped up from $ 3.35, which matches the recent historical demand zones. This rebound occurred as the RSI touched 31.50 to announce the overpretation conditions.
Therefore, if Bulls supports this level of support, the short -term reversal still remains a strong possibility.
However, if it is not maintained at more than $ 3.35, you can open more disadvantages. Currently, merchants are closely at the level of $ 4.61. Daily candles close to this area will confirm the optimistic trend reversal.
In addition, this movement can cause additional exercise for the price target of $ 5.00 and $ 5.38. The price structure presents a W -shaped recovery pattern.
Source: TradingView
Who is liquidating?
The liquidation data in the press time showed a significant imbalance, and the long location of $ 754.48K was paragraph to 32.84K.
This indicates that strong merchants have recently been used by dip and caught offside.
The long -term liquidation of these mass liquids shows that the short -term exercise is strengthened and the buyer lacks power during the recession.
Most of these liquids occurred in BYBIT, Binance and OKX. The retail participation was high. Therefore, according to the data, the retail optimism is actively red.
As long as liquidation is crooked in this way, it is clear that the market has not changed completely in favor of the bull.
Source: COINGLASS
Are Bulls looking for support?
Binance’s funding rate was rapidly decreasing to -0.007954%as of April 9. This negative proportion has signaled that short sellers have dominated the market.
But too weak feelings are often opposite indicators. If the price begins to rise, a short seller can rush and cause short pressure to get out.
Source: Santiment
In addition, DOT’s interest is $ 305.42m, up 3.26%. This increase reflects the increasing interest and position of the position, which is often ahead of powerful price movement.
When the public interest rises, the volatility setting is strengthened when combined with negative funding.
Can a polkadot price of $ 4.60?
DOT has a true opportunity to recover $ 4.60, but the road in the future is still uncertain. In terms of weakness, the rapid rise in long liquidation makes the buyer control feel weak signals and sales pressure.
Price behavior remains slow because there is no repetitive failure to break the main resistance and strong decay to confirm the reversal. In addition, emotions are cautious as the seller continues to dominate short -term exercises.
However, the surge in public interest and the deep negative funding rate can cause volatility and increase the chance of reversal. Especially if Bulls convincingly defense of $ 3.35 support.
Therefore, if the momentum is advantageous to the buyer, the escape of more than $ 4.60 is a realistic short -term goal.