- Polkadot was currently at $5.33, with a decrease of 3.14% during the intraday trading session.
- The 24-hour low of DOT was $5.32 and the 24-hour high of DOT was $5.68.
- The current Polkadot token price is below 20, 50, 100, and 200-Day EMA.
The pair of DOT/BTC was trading at 0.000009476 BTC with a dip of 0.19% over the intraday trading session.
Plokadot price prediction suggests that it is currently in a downtrend. From the start of 2022, the token was in a decline as can be seen on the chart. This suggests that the sellers were dominating the market. After March 2022 buyers became hyperactive in the market which resulted in the token making its new 52-week high. But soon after the token made its new 52-week high sellers took back the market from buyers which resulted in a steep decline in the token value as can be seen over the daily trading chart. Near the end of the year because of the heavy selling pressure, the DOT made its new 52-week low.
After the start of 2023, the DOT again started moving upwards breaking its primary support and resistance on its way up. But as soon as the token reached its secondary resistance of $7.92 sellers became active again pushing the token below its primary support. This may be the cause of the current downtrend.
The volume of the coin has decreased by 18.78% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of DOT, which represents strength in the current bearish phase.
Polkadot Price Technical analysis:
RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing DOT downwards. This suggests the strength of the current bearish trend. The current value of RSI is 34.27 which is below the average RSI value of 40.64.
The MACD and the signal line are decreasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Plokadot price analysis suggests that it is currently in a downtrend. From the start of 2022, the token was in a decline as can be seen on the chart. After the start of 2023, the token again started moving upwards breaking its primary support and resistance on its way up. The decrease in volume shows a lack of confidence in traders. RSI is decreasing in the oversold zone and is shown a negative crossover which shows strength in the current bearish trend, as per the technical indicators. Traders should take caution before making any trade in the market.
Resistance level- $7.06 and $7.92
Support level- $6.06 and $4.25
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.