DOT breaks key levels in search of more upside

Breaking its downtrend and now sitting securely above $4.22. DOT might just be poised for a major sprint. But can it maintain this pace? 

TLDR

• DOT breaks key levels in a bullish structure, with targets of $4.53 and $5.00.
• Favourable DOT RSI and funding plus healthy open interest suggest further upside.
• Technically sound setup and positive mechanics make DOT a contender for gains.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

It's another potential trade that looks really clean here. DOT has broken out of its main downtrend line and is now above the $4.22 horizontal support. This looks structurally bullish to go higher. We see DOT heading to $4.53 and then $5.00 in the near term if BTC can hold up and particularly if ETH outperforms. 

DOT 12-hour

RSI and funding rates

The RSI is not overbought and not even close to overbought territory. So far, there are also no bearish divergences on this, which is positive for further price upside. 

Funding rates are very positive, and the open interest is also very healthy. It has increased but remains at low levels. This looks healthy for further upside price-wise.  

Cryptonary’s take

Polkadot looks positive in terms of getting further upside in price. It’s one of the setups which has broken key levels. It is now forming a bullish structure, and its mechanics are healthy. 

Action

• We like DOT here for further upside.
• It’s also 15% or so up from its macro bottom - assuming its macro bottom is in.