DOT/USD Market Structure: Q1 2021 so far

DOT/USD Market Structure: Q1 2021 so far

By idm | Psychologica | 27 Feb 2021

DOT USD Market Structure

This post examines DOT/USD price and volume movement from Jan-01 to Feb-26.

January DOT/USD trading saw much higher volume than February. The year began with DOT below 10 USD - and a high volume changed hands around the 9-10 USD price range.

Around January 10, DOT reached its lowest point against USD. This low may have been the catalyst for the first DOT/USD markup that drove the price above 17 USD by January 20. The markup started with very high volume, tapered off, then closed with even more volume.

During the last week of January and the first week of February, DOT again traded sideways against USD, remaining within a price channel 2 USD wide.

From February 4 until February 20, DOT gained substantially against USD. Moderate and low-volume buying appears to have driven the price from below 20 USD all the way to 40 USD.

After DOT reached a high of about 39 USD, low-volume selling brought the price back to 35 USD, where it now sits at the end of February.

How to read this plot

This plot depicts the movement of DOT quoted in USD, for the year 2021 to date. Data for DOT/USD were collected from Kraken.

The width of the line is proportional to the volume traded during that period. Similarly, lighter colors correspond to higher volume.

The peaks and troughs have been identified. Peaks were connected to form channels containing most of the price action.

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Ian is a computational psychologist who studies memes, crowds, and markets.


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