$DOT - Floating in the channel is imperative for further upside

DOTUSDT

At the time of writing this DOT/USDT pair was trading at $36.62.

It can be seen that DOT has been moving up within a channel and everytime the price drops below the channel support it tries to regain it. At present, the price is trading at the support of channel.

DOT will find strong monthly resistance at $38.07 level and it would require a strong bullish sentiment to push the price past that point and keep moving further. There are two (2) likely scenarios;

1. A correction scenario, in that case the price will find support at $36.62 (current price level) and incase of a further drop a strong monthly support exists at $31.75.

2. A conslidation scenario, in that case $38.07 level will be gained, the price will consolidate and the level will become an accumulation level. This consolidation will push the price up to $42-43 levels.

Scenario-1 appears to be the one that I would opt-for.

Please feel free to comment and share your opinions in the comments section.

Asad Rindani
Co-Founder Crypto Swordfish