DOT’s Price May Continue Its Decline as Bearish Pattern Emerges
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- Crypto Tony revealed in a tweet today that a descending triangle has formed on DOT’s charts.
- The trader predicted that DOT’s price breaking below this pattern could be a good short opportunity.
- Meanwhile, DOT was changing hands at $4.26 after a 24-hour loss of 0.52%.
The cryptocurrency trader and analyst Crypto Tony tweeted today that a clear descending triangle pattern has formed on Polkadot’s (DOT) trading charts. Consequently, the trader predicted that a break below the base of the pattern may be a good short opportunity.
$DOT / $USD – Update
— Crypto Tony (@CryptoTony__) September 9, 2023
Probably the most clear descending triangle pattern we have here legends. Break below we short, or bounce up. we long up to the trend linepic.twitter.com/hVqh1kueNQ
On the other hand, the trader stated that a bounce from the base of the chart pattern could signal a long opportunity. In this scenario, he speculated that DOT’s price may climb to as high as the negative trend line.
From a technical perspective, DOT’s price had been in a consolidation phase between $4.160 and $4.345 for the past week, and r…
The post DOT’s Price May Continue Its Decline as Bearish Pattern Emerges appeared first on Coin Edition.
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