DOT has already risen over 500% this year so we were curious to see what the TA is currently like. On the daily, the price is going beautifully parabolic and a new support has emerged at 19.23. If we measure the breakout of the supply zone and its retest with the trend based fib extension, the possible resistance zones appear. Currently the price is trading above 3.618 with the same strength in bullish mode.
Daily chart: https://www.tradingview.com/x/1SiPLYYn/
Here DOT is in an upward channel, steadily continuing its way up. If you look closely you will see that when a local level is broken it is tested again shortly after and the price continues to rise. I often call it stair climbing (not an official term). We can also see it going down now, on its way to a point of considerable confluence. The more things come together the stronger the signal tends to be. We can see the local level broken, lower channel trendline and the parabolic trendline.
Ema's are bullish but the rsi is experiencing resistance from the 70 level and is currently trying to cross the ema bearish.
4h chart: https://www.tradingview.com/x/kNwkD4Ad/
Here the rising wedge has just started to play out. At 30.98 sits the so-called breaker and if the price goes through that then it is a confirmation of further downward move. After a retest the price would then go to the area where the three previously mentioned things come together in the 29.60 region. Perhaps still with a wick through towards the 28.28.
1h chart: https://www.tradingview.com/x/9C2LPFL6/
Conclusion:
I think it is safe to say that the price is pretty bullish. First expect a small retrace towards the 28 - 29 cents (rounded) and then up towards the next fib level at 35.41. If support does not hold then we will probably go one step lower to 24.90.
