Polkadot Price Analysis: DOT Price Bears Are Getting Ready For The Action

• Polkadot Price is currently on a bearish move  with a loss of 0.62% in an intraday session.
• Technical Indicators for DOT price suggests a consolidated move. In contrast, the DOT/BTC pair is also seeing a bearish momentum.

Polkadot is one of the most extensive multi-chain protocols with a market capitalization of $$38,567,382,850. DOT price has seen an ROI of 1090% since its inception. It is currently trading at $36.02  with an intraday gain of 0.25%. DOT/BTC pair is also on a consolidated move and can see a breakout of support in the future .

The coin volume($1,790,388,508) has seen a decrease of 24%.The volume to market capitalization ratio for DOT is 0.05, and if it crosses above 0.75, then a huge buying rush can be seen.

Technical Indicators Suggest A Consolidated Momentum For DOT Price

The weekly technical chart of Polkadot highlights a bullish move. DOT price is moving in a consolidated  rally in the daily time frame. Resistance on the upside for the coin can be seen at $43. Polkadot can bounce back while going down from $30.It is trading below 50 and above 100 Moving Average. The 50MA (RED) line is at $37.63, making it temporary resistance for the current price. On the daily time frame , the coin has formed a rising parallel channel pattern . If the price makes a jump above $38, it can rise to $50. DOT/BTC pair can also see a new highs being formed.

RSI(Bearish): It is trailing at 49.02, showcasing its presence in the neutral zone. There is a negative slope formation in the RSI, highlighting a negative sentiment for the price. RSI depicts a bearish momentum for  price.

Conclusion

DOT price has seen a gain of more than 300% from the start of the year.The recent downfall of DOT price can see a reversal in upcoming days.Investors should do their due diligence before investing.

Technical Levels

Major Support:$30

Major Resistance:$43

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.