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- Polkadot’s price has fallen below the descending triangle pattern and is now consolidating inside a range at the lowest level.
- The crypto asset has fallen below the 20, 50, 100, and 200-day daily moving average.
- The pair of DOT/BTC is at 0.0003697 BTC with an intraday drop of 3.05%.
Polkadot price must acquire its position at a higher level and it should start gaining now. As due to the bear market havoc the token has fallen below its all-time lowest level. DOT coin must attract a significant amount of buyers in order to escape the consolidation phase. However, it falters to retain the uptrend momentum as Bitcoin price falters at the $20000 level and is trying to sustain above it. So, other altcoins are also bearish and they are also rallying bearish. DOT investors must wait for any directional change over the daily price chart.
Polkadot’s price is presently CMP at $7.55 and has lost 5.13% of its market capitalization in the last 24-hour period. Trading volume has decreased by 18% in the intraday trading session. This shows the bears are trying to cage the token and pull towards the lower trendline of the consolidation phase. The volume to market cap ratio is 0.05269.
DOT coin is trying to regain its uptrend momentum over the daily price chart. The crypto asset is currently trading below the 20, 50, 100, and 200-day Daily Moving Average. However, bulls tried to sustain at a certain level just after DOT broke down of the descending triangle pattern but failed to maintain the accumulation and DOT fell again near the lower levels, now it falters at a lower level. Volume change can be seen below average and needs to grow for DOT to surge again.
Support on the lower end is at $6.53 and resistance on the higher side is at $8.65.
What do DOT investors do now?
DOT coin price is trying to attract more buyers as it is currently facing short-selling pressure. The crypto asset must accumulate a significant amount of buyers to surge again. Technical indicators suggest the downtrend momentum of the DOT coin. The relative Strength Index showcases the downtrend momentum of the DOT coin. RSI is at 41 and is trying to move towards neutrality but is currently making a curve towards the oversold territory. MACD exhibits the consolidation phase of the DOT coin. The MACD line is ahead of the signal line but is approaching the signal line for a negative crossover.
Conclusion
Polkadot price must acquire its position at a higher level and it should start gaining now. Due to the bear market havoc, the token has fallen below its all-time lowest level. DOT coin must attract a significant amount of buyers in order to escape the consolidation phase. Volume change can be seen below average and needs to grow for DOT to surge again. The crypto asset must accumulate a significant amount of buyers to surge again. Technical indicators suggest the downtrend momentum of the DOT coin.
Technical Levels
Support Level: $6.53
Resistance Levels: $8.65
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.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
