Crypto bulls were unable to sustain this week’s rally and the retrace to the range lows could be a sign that markets are returning to their record-low volatility phase.
) turned down from the 20-day EMA on Aug. 30, indicating that the sentiment remains negative and traders are selling on rallies.The selling picked up further on Aug. 31 and the DOT/USDT pair dropped to the vital support at $4.22. This level is likely to witness a battle between the bulls and the bears. If the price plummets below $4.22, the pair could start the next leg of the downtrend to $4.
Buyers have their tasks cut out. If they want to make a comeback, they will have to quickly drive and sustain the price above the 20-day EMA. If they manage to do that, the pair could surge to the overhead resistance at $5.) failure to maintain above the 20-day EMA on Aug. 29 may have attracted profit-booking from short-term traders. The bulls tried to push the price back above the 20-day EMA on Aug. 30 and 31 but the bears held their ground.
If the price turns up from the current level, it is likely to face selling at the 20-day EMA and again at the 50-day SMA . On the other hand, a break below $0.51 could resume the downtrend. The next support is at $0.45. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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