Polkadot Price Analysis: DOT Price Weekly Loss Surges Above -10.00%

Polkadot Technical Chart Indicates a Bearish Trend
  • Polkadot performed a negative momentum on Monday’s trading session
  • Polkadot coin price is $16.28, which is down by 1.75% in the last 24-hour time-frame and 12.27% down from the previous week
  • DOT/BTC pair is negative with a loss of 2.79% in Monday’s trading session (0.00047384)
Source: Coinmarketcap

Polkadot had positive momentum on the weekly chart, and it went up to $19.32 on January 16, 2021, while breaking above the resistance zones created in the past. DOT price set a mark of an all-time high. Meanwhile, the trading volume of $2,356,124,716.18 in the last 24-hour time-frame represents an increasing value of 5.68%. The DOT/ETH pair is in an uptrend with a value of (0.012281) which is up by 0.24% in Monday’s trading session.

Polkadot Technical Chart Indicates a Bearish Trend

Source: TradingView

The technical chart of Polkadot highlights a negative trend. In contrast, Polkadot coin price is at $16.28. According to pivot points, the key support level for DOT is placed at $15.23. If it moves up, the key resistance level to watch is $18.34. While Diving into the weekly chart of 15-minute time-frame, it completes a three white soldiers candlestick pattern, indicating the bulls have overwhelmed the bears and are now in control.

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Volume indicator with the value (53.585K) reflects a buying volume in coin due to the overall market’s conditions. Investors can further expect an increase in buying volume in the next few trading sessions.

SMA-200, price is at $16.82, which acts as another strong support in the coin. The price is below the SMA, and investors can expect a bearish trend in the coin until it breaks above SMA for the upcoming trading session.

MACD (Bearish): bearish crossover signal line was spotted on February 01, 2021, during the trading session it indicated a sell signal in the coin. Also, it denotes the red bars on Histogram.

Meanwhile, the RSI (Bearish): with a value of 46.22 indicates a sell signal in the coin. It may move towards the oversold territory if further selling increases in upcoming trading sessions.

Conclusion 

Polkadot coin price is down by 1.75% on Monday’s trading session. The price breaches below the SMA-200. Investors can see the price move towards the support level of $15.23 if selling increases. All technical indicators suggest a sell signal in the coin.

Resistance: $18.34

Support: $15.23

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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