Crypto
DOT Price Tumbles: Bears Dominate as $0.74 Target Looms
The price of DOT is currently at $0.79, but it's expected to drop further before any potential recovery.
The token has been experiencing a prolonged structural downtrend, with its 200-day SMA sitting at $1.19. This means that the current price is still far from the long-term average.
The technical picture for DOT looks grim, with immediate support at $0.77 and resistance at $0.81. The Bollinger Band at $0.74 is also a realistic magnet for the token's price.
Despite 70% of top traders on Binance being positioned long, open interest has jumped nearly 5% over the past 24 hours while price fell 2.24%. This divergence is a sign of a potential long-squeeze anatomy, where someone on the other side is aggressively absorbing every bid.