Polkadot [DOT] Price Analysis: DOTUSDT Gains 295% Riding Strong Bullish Volatility Expansion into Price Discovery
DOT price is having an impressive bullish expansion as in last few days it breached key POC S/R. DOTUSDT price action has managed to post multiple percentage gains with no clear signs of topping out as of yet. Key takeaways:
- Key Weekly S/R Flip, POC technical confluence
- Bullish Engulfing Price Action Close
- Price Discovery Mode with no Climatic Nodes
DOT Price Analysis: DOTUSDT Weekly Chart
Preluding to the chart above, DOT price does not have a long history of price action on the Weekly timeframe. We can however establish a key Weekly S/R zone that has been breached with conviction. DOT price action previously had been rejected on multiple attempts – causing it to trade in equilibrium before a strong bull break.
A key technical confluence at the Weekly S/R was the Point of Control, a strong value area where high transactions occurred. Breaking above this signaled a true break as momentum started to come in with a Bullish Engulfing Candle. Price Action at the time established a Local S/R as the second Bullish Volatility Expansion occurred.
Price Action as of current is trading in Price Discovery with no valid climatic volume nodes. Climatic nodes are indicative of temporary tops and or bottoms being set after strong volatile moves. DOTUSDT’s immediate nodes are increasing so there is a probability of further upside. How this coming weekly candle closes and opens will dictate the immediate trend direction.
What’s Next for DOT Price?
In conclusion, DOTUSDT remains in price discovery with further upside being probable as there are no signs of a temporary top being set. It is important to monitor how the weekly closes in response to the volume profile. A climatic node as mentioned earlier will be indicative of a temporary top being set. As of current the higher timeframe remains bullish until proven.
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