Polkadot Price Analysis: Dot Price May Plunge to $32.32

Polkadot bounced back from the support of $32.32
  • Polkadot slips below $38.07 to $33.98 on Tuesday’s trading session
  • The 24-hour volume in DOT is at $2,638,981,047 with a 3.29% increase.
  • The DOT/BTC pair was trading at 0.0006167 BTC with a loss of 1.0%
Source:DOT/USD on TradingView

The 4-hour technical chart of Polkadot projects a downtrend. According to pivot points, DOT’s critical support level is placed at $32.32. Whereas if it moves up, the key resistance level to watch is $38.07. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish engulfing candlestick pattern.

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) intersects below the SMA-50 (white), which projects a bearish trend. The price is also below SMA-100 (red). Investors may perceive a negative crossover in the chart, the price will also follow the negative trend.

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RSI indicator (BULLISH), with a value of 38, indicates a sell signal in the coin. Moreover, Investors can see a downward slope from 58 to 38 in the index, it may drop more in future trading sessions.

Bearish Crossover in Polkadot 

Polkadot price traded at $33.98 with a loss of 4.0% in the last 24-hour and 5.29% down in the weekly time-frame. Furthermore Polkadot slips from the resistance of $38.07. In contrast, the market capitalization stands at $31 billion. Technically, investors can perceive a negative crossover in SMA. Moreover, the movement of price can be towards the next support of $32.32.

Resistance: $38.07

Support: $32.32

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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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