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- DOT price forecast downtrend from $39.87 to $30.10 on Thursday’s trading session
- The 24-hour volume in DOT is at $3,735,827,577 with a 121.08% increase
- The DOT/BTC pair was trading at 0.0005786 BTC with a loss of 8.11%
The 4-hour technical chart of Polkadot price action forecasts a downtrend. According to pivot points, DOT’s critical support level is placed at $28.83. Whereas if it moves up, the key resistance level to watch is $39.87. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish engulfing candlestick pattern which represents bears are in control.
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 way below SMA-100 (red). Investors may perceive a negative crossover in the SMA, and the price will also follow the negative trend.
RSI indicator (BEARISH), with a value of 31, indicates a sell signal in the coin. Moreover, Investors can see an upward slope from 24 to 31 in the index which represents a minor pullback in the asset’s price, and it may soar in future trading sessions.
Polkadot Price Forecast Bears Are In Control
Polkadot price traded at $30.10 with a loss of 12.58% in the last 24-hour and 15.13% down in the weekly time-frame. Furthermore, Polkadot plunges from the resistance of $39.87. In contrast, the market capitalization stands at $28 billion. Technically, investors can perceive a negative crossover in SMA. Moreover, the price movement can be towards the support of $28.83 and may give a pullback upto the resistance of $39.87.
Resistance: $39.87
Support: $28.83
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. 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.
