DOTUSD 8.80 short-term target

Polkadot (DOTUSD) has been trading within a clear Channel Down on the log scale ever since its last market top in November 2021. The price has been unable to break above the 1D MA50 (blue trend-line) since April 21. The recent Bullish Divergence on the 1D RSI though (being on Higher Lows against the price’s Lower Lows) may be a first indication of an upcoming rebound at least on the short-term.

In fact the price action since mid-June is similar to that of February – March. The rebound on that sequence was to the 0.618 Fibonacci retracement level, which on the current pattern is a little over $8.80.

Tradingview link:

https://www.tradingview.com/chart/DOTUSD/tHKhf0oj-DOTUSD-8-80-short-term-target