Polkadot (DOT) Hits The Brakes At $7.34 After Brief Recovery
22 Agosto 2022 - 02:10PM
NEWSBTC
Polkadot (DOT) price shows that the coin has finally latched on to
its support zone. Polkadot price
analysis looks extremely bearish
DOT/USD resistance at $7.79 DOT/USD
support at $7.05 The bulls did a clap back and were able to rebound
as DOT dodged further downtrend that falls below $7.22 and instead
went for a range upwards or shooting towards $7.42. ADA showed some
recovery but provided the necessary support for the coin’s price.
With the prevailing intense selling pressure in the market, a
downtrend was apparent for ADA that has been lingering for more
than a week now. According to CoinMarketCap, the DOT price has
swerved down again as it dropped by 3.65% or is trading at $7.14.
Evidently, the coin has corrected and had dipped lower at it was
priced at $7.34 a few hours ago. Related Reading: Fantom (FTM) Hit
By Bearish Sentiment Despite Logging Over 300,000 Active Users
Polkadot Bears Smacked the Bulls From a 24-hour perspective,
Polkadot’s price reveals the presence of intense selling pressure
that has resurfaced due to the reduction in coin price. The bears
were also able to smack the bulls that were acing it yesterday as
increased selling pressure has been noted today. With the bears
pummeling the price downward, DOT price slumped to $7.34 which sets
the next support at $7.05. The coin is said to have gained 1.15%
profit overnight due to the coin’s bullish streak yesterday. On the
other hand, DOT lost around 19.76% in the past few days due to
intense selling activity. MA level for DOT has also dropped which
is now spotted at the $8.04 zone after it has dived below the SMA
50 curve. As DOT price has been cascading down for the past few
days, the Bollinger bands have also expanded, showing a spike in
volatility with both limits skewing. The upper band is now seen at
$9.96 with the lower band spotted at $7.05 showing support for
Polkadot. RSI for DOT has retraced to index 39 following the
bearish sprint. Chart from TradingView.com DOT RSI Shows Increased
Buying Pressure On the 4-hour price chart, DOT price is looking
bearish and the momentum going downwards today. DOT price is
spiking again as the range now forms the support zone for the coin.
However, the plunge seen at the beginning of the trading session
has propped the bearish trend for the crypto market. MA value for
DOT is spotted at the price zone of $7.36. The coin’s volatility is
also softened with the Bollinger bands demonstrating a sharp
convergence. Evidently, the upper band clutched on the $7.68
resistance level, while the lower band inched closer to the $7.14
level. The RSI curve is seen to have evened out at index 34 with
the increase in buying pressure as in the past four hours. Related
Reading: XRP Signals Considerable Uptick – Will Social Media Lift
Its Price Past $0.34? Crypto total market cap at $985 billion on
the daily chart | Source: TradingView.com Featured image from
Coincu News, Chart from TradingView.com
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