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- Polkadot Coin price broke down from a descending triangle pattern and is currently stuck inside a horizontal range-bound area.
- The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of 0.0003369 BTC with an intraday drop of 1.00%.
Polkadot Coin price is coming from a descending triangle pattern over the daily chart. The token then went into a range-bound area and is now trading with sideways momentum. The DOT coin must escape the range-bound area in order to adapt to any strong uptrend or downtrend momentum. DOT bulls need to accumulate themselves to register the token’s breakout from the horizontal range-bound area. However, bears may interrupt DOT coin’s uptrend momentum and may try to pull the token back in the consolidation phase. If Polkadot crypto price successfully escapes the range-bound area with a breakout then the last support from the descending triangle will act as a resistance over the daily chart.
Polkadot Coin price is presently CMP at $9.96 and has gained 0.78% of its market capitalization in the last 24-hour period. This slight gain shows that the token is facing a tug-of-war between bulls and bears and both of them are trying hard to just pull the token on their side. However, trading volume has decreased by 26% in the intraday trading session. This shows that DOT coin is currently facing slight selloff. Volume to market cap ratio is 0.06536.
Polkadot Coin price is trading inside a horizontal range-bound area and the token struggles to register its breakout. DOT bulls need to come forward to register the token’s breakout. However, bears may overpower the situation and may break down the token. Volume change can be seen below average and needs to grow for DOT coin to register its breakout.
Know Whereabouts of Polkadot Coin
Polkadot coin price is trading at the lowest level from July 2021 from the time of COVID. DOT coin falters at $10.00 psychological barrier and in reference to this Bitcoin (BTC) also struggles to maintain itself above $30,000 psychological level. DOT bulls must sustain above the $10.00 psychological level to gain the attention of buyers and should focus on gaining over the daily chart.
Let us now discuss the presence of the Polkadot ecosystem – the parachain paradigm was established with the notion that the future of Web3 will feature multiple types of blockchains cooperating. Just like the present variety of the internet provides different requirements, blockchains should be able to vary the versatility of features.
Polkadot Coin Facing Existential Crisis
The technical indicators haven’t signalled anything yet for Polkadot coin as the Relative Strength Index showcases the token below neutrality. RSI is at 38 and DOT investors may witness any directional change as soon as RSI crosses the neutrality.
MACD exhibits a positive sign of hopes to polkadot coin investors. A blessing in disguise for Polkadot investors as The MACD line crossed the signal line upwards registering a positive crossover.
Conclusion
Polkadot Coin price is coming from a descending triangle pattern over the daily chart. The token then went into a range-bound area and is now trading with sideways momentum. DOT bulls need to accumulate themselves to register the token’s breakout from the horizontal range-bound area. A blessing in disguise for Polkadot investors as The MACD line crossed the signal line upwards registering a positive crossover. DOT investors may witness any directional change as soon as RSI crosses the neutrality.
Technical Levels
Support Levels: $8.55 and $6.80
Resistance Levels: $12.00 and $15.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
