‘s (DOT) price has been on a downward trend since the beginning of 2023, recently breaching a key support level at $4.227. This dip follows a rejection from a three-day supply zone in August. The current oversold Relative Strength Index (RSI) suggests a potential rebound may be on the horizon for DOT.
Despite the bullish signal from the RSI, the absence of bullish momentum could lead to further price depreciation for DOT. If this occurs, it could push the price down to the immediate support at $3.756, and possibly even further to the psychological level of $3.000.
On the other hand, if investors seize upon this bullish signal, there is potential for DOT to break through the $4.227 barrier and head towards the $4.335 supply zone. A decisive 3-day candlestick close above the midline of this order block at $4.500 would negate the bearish theory and potentially trigger a supply zone conversion toward the psychological high of $5.000.
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