Polkadot DOTUSDT tries to break $6.85

DOTUSDT

On April 12th, Polkadot's long tail on the candlestick shows that the bulls purchased the dip to the 20-day EMA ($6.32). Polkadot continued its northward march and broke above the downtrend line on April 13th, but the bulls are facing selling at higher levels. The DOT/USDT pair turned down from the 61.8% Fibonacci retracement level of $6.85, and the bears are trying to pull the price back below the downtrend line.

If they manage to do that, the pair may drop to the 20-day EMA. A break below this level may sink the pair to the crucial support at $5.70. On the contrary, if the price turns up and closes above $6.85, it may propel the price to the neckline of the inverse H&S pattern. If bulls pierce this overhead resistance, the pair may start a new uptrend.

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