Will Polkadot be Able to Sustain $4.00 Amid Positive Sentiment in Overall Market Conditions?

  • The starting of the month hasn’t been good for Polkadot as the current price levels are looking to avoid downfall below the crucial mark of $4.00
  • The DOT/BTC pair is performing positive with an overall gain of 0.56% bringing the current level to 0.00030403 BTC
dot
Source: Coinmarketcap

The weekly price performance chart of Polkadot highlights the downfall faced by the price levels at the end of the past month. Currently, the price levels are looking to avoid a downfall below the crucial mark of $4.00. During the past month, after making several attempts DOT was able to reclaim the crucial level of $4.00 and gained further momentum thereafter. The positive momentum was halted when the price levels were targeting for $5.00 and the price level of $4.80 acted as a major resistance point. The resistance mark has provided significant negative reversals to the digital asset and now is looking to sustain $4.00 amid negative momentum. The CMP is placed at $4.08 facing an overall loss of -1.56%. 

Technical Levels Weaken Infront of the Bears for Polkadot

DOT TECH
Source: Tradingview

The technical chart of Polkadot highlights the significant price recovery action made by the price levels in the past month which is immediately followed by a significant correction activity. The retracement table reflects on the current resistance which is placed at 0.5fib level halting the positive momentum of the crypto asset. On the other hand, the price levels are having a major support line which is placed at 0.786fib level. 

The moving average convergence & divergence levels are kind of consolidated after a bullish crossover.

The relative strength index (RSI) is showcasing the negative nature and unable to sustain bullish levels. The current level stands at 35.69.

The directional movement index is also showcasing weakness in the levels as ADX(17.37) is moving below -DI (31.22)

Will Polkadot Break Below $4.00 in Upcoming Trading Session? 

The technical levels are currently showing no signs of recovery which can make a negative breakout below the crucial mark of $4.00 a possible scenario. However, the overall market conditions are gradually increasing its positive significance in the market which can help to revive the digital asset’s positive move. 

Resistance level: $4.80 & $5.00

Support level: $4.00 & $3.80 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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