Polkadot (DOT) Trades Beneath $11; How Soon Will It Target $14?
22 Maio 2022 - 10:00PM
NEWSBTC
Polkadot (DOT) has held itself for sometime at the current price
level. The consistent downslide of major market movers have pushed
many altcoins near their immediate support and below their nearest
resistance levels. Recent market conditions have been quite harsh
for investors. The returns have been questionable. Polkadot (DOT)
has witnessed a sharp fall in buying strength owing to the same
bearish condition of the market. The coin has been in the limelight
in the recent times due to the latest development. These
developments are related to interoperability and features of
multi-chain which was announced in the middle of this month. These
activities have helped buyers to enter the market. Selling pressure
however, continue to outpower buying pressure in the market.
Polkadot now has an ecosystem which is consistently striving to
bring new projects through para-chain auctions. It is still
uncertain if over the upcoming trading sessions that coin can
maintain its price action and touch its immediate resistance mark.
Polkadot Price Analysis: One Day Chart The altcoin was priced at
$10 at the time of writing and after several rejections from the
$11 level. Nearest support level for the altcoin stood at $8 and a
fall beneath that could land DOT near $6.26. Over the last 48
hours, DOT broke below its 10 month long support line. In the past
24 hours, the coin tried to move northwards but the bulls have
tired out. The lack of buyers have caused the bullish action to
fizzle out. Trading volume was seen in green which is a sign of
positive price action, however, another session dominated by
sellers could change that. Technical Analysis As mentioned above,
Polkadot (DOT) has undergone quite a bit of developments recently
and that could have helped the investors gain confidence. On the
Relative Strength Index, the indicator stood below the half-line
but noted an uptick. This uptick signified buyers re-entering
however, lacklustre price action caused buyers to remain wary. In
accordance to the same, DOT remained below the 20-SMA which is
considered bearish. The sellers were still in charge of driving the
price momentum according to the aforementioned reading. A slight
push from the bears could help DOT rise above the 20-SMA which
could then make the price reversal steady. Related Reading |
Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further
Downtrend Polkadot might target $14 if the current price action
picks up a bit of momentum. Moving Average Convergence Divergence
indicates price momentum. MACD flashed green histograms just above
the half-line and that refers to a buy signal. If buyers act on it
then price of the altcoin could witness some relief. Bollinger
Bands depict price volatility of the coin, a squeeze means chances
of price fluctuations. At press time though, Bollinger Bands
flashed nearly parallel movement indicating a stability in DOT’s
price movement. Related Reading | Nox Bitcoin To Refund
UST At $1 To Their Customers
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