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- Polkadot Price sees a bearish momentum with a loss of 2.5% in an intraday session.
- Technical Indicators for DOT price hints at a bearish move. In contrast, the DOT/BTC pair is at 0.0006877BTC with a loss of 5.71%.
Polkadot has been one of the largest multi-chain protocols which facilitates the cross-chain transfer of any asset. DOT price has jumped from $6 to $40 within a span of three months. It is currently trading at $39.95 with an intraday loss of 2.58%. The resistance for the coin on the upside can be seen at $50. Meanwhile, a bounceback in the price can be seen from $30. DOT/BTC pair is also seeing consolidated momentum with a loss of 5.5%. The volume of the coin has also seen a decrease of 37% in the intraday session.
The recent news about the delay in the auction of parachain networks has pushed the price down. The VC firms are placing a huge bet on DOT, saying it can replace ETHER in upcoming years.
Technical Indicators Hints A Minor Retracement For The DOT Price
Polkadot weekly technical chart highlights a bullish move for the price. On the daily chart, DOT price is seeing a consolidated momentum. It is currently trading above 50 and 100 Daily Moving Average (MA). The 50MA (RED) line is at the level of $37.41, making it temporary support for the current price. On coming to the time frame of the daily chart, the coin has formed a bearish Doji pattern. If the price makes a jump above $45, then a bullish rally up to the point of $70 can be observed. DOT/BTC pair can also accompany the price rise with a significant gain.
RSI(Neutral): It is trailing at the value of 56.83 while being in the neutral zone. There is no slope formation in the RSI. This showcases that the price can halt for a while before going up. The overall sentiment of the RSI is neutral.
Conclusion
DOT price has been one of the most promising projects this year. It has seen a significant amount of gain from the start of the year. DOT/BTC pair is in a consolidation zone but can soon see a breakout. Investors should do their due diligence before investing.
Technical Levels
Major Support:$30
Major Resistance:$50
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.
