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POLKADOT Price Analysis: DOT Bulls are Getting Rebellious

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  • After a considerable recovery, the DOT price is presently falling due to selling pressure over the daily price chart.
  • The short term along with technical indicators shows the reversal has begun.
  • The DOT/BTC pair is at 0.0002557 BTC which is at a loss of 2.09% in it.

The DOT price after a significant recovery is now sinking because of the selling pressure over the daily price chart. The dominance of the most popular cryptocurrency, Bitcoin, is the major cause of the resurgence of bearish dominance. Bears are destroying the recovery efforts by the bulls, coin needs to accumulate bulls to oppose this bearish movement.

The trading volume is at a decrease of 34% over the intraday trading session which needs to be taken care by the bulls. The whole crypto market is facing a hard time as the bearish market is getting on the nerves of the investors. The investors need to wait as the current market flow is not adequate to make a move.

The current price for one DOT coin is hovering at $7.83 which is at a significant loss of 9.54% in its market capitalization in the last 24hrs. The coin has a trading volume of 651 million which is at a huge loss of 35.71% in the 24 hrs trading session and has a market cap of 7.7 billion. The volume market cap ratio is 0.084.

Short-term Analysis

While analyzing the chart for the short term (4 hrs) we can observe the same strong bearish movement. But now it seems that the buyers are finding this dip interesting and are participating in the market again.

The MACD indicator still shows the seller’s signal line is moving above the buyer’s line showing the domination by the sellers with the supporting histograms. On the contrary, the relative strength index is supporting the increase in buying volume and is moving towards the upper region. The RSI value for DOT is below 45.

Conclusion

The DOT price after a significant recovery is now sinking because of the selling pressure over the daily and hourly price chart. Bears are destroying the recovery efforts by the bulls and the whole crypto market is facing a hard time. The technical indicators appear a bit manipulative here but an overall uptrend is expected by the analysts.

Technical levels

Resistance levels: $9.20 and $9.95

Support levels: $6.90 and $6

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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