I was saying earlier on Twitter that there is a lot of noise (and maybe some spurious trading) in this market right now.
When the crypto markets take their time to recover from a rough session, the Bitcoin price often takes its time to recoup by going on a downturn. As a result, the price of the crypto asset is often subject to downward pressure that is difficult to overcome.
The crypto market is still going up and down in a sideways fashion. Since the BTC exchange rate is low, we made a point of comparing the price of DOT (Polkadot) and BTC, for a little comparison.. Read more about polkadot price prediction and let us know what you think.Summary of the situation
- The DOT made a lower high last night.
- The multi-day support trend line has been broken.
- The next downside target is $13.5.
The price analysis for Polkadot is bearish, as the market failed to break through the $17 level yesterday and started a new downward movement. The DOT/USD pair has broken the multi-week uptrend support line in recent hours, likely leading to further losses in the next 24 hours.
Heatmap for crypto-currencies. Source: Coin360
Overall, the cryptocurrency market has been in negative territory for the past 24 hours. Bitcoin lost 5.3 percent and Ethereum lost 4.58 percent. The rest of the altcoin market is trading at a similar loss of 5-6%.
Polka dot price changes in the last 24 hours
The DOT/USD traded in a range of $14.79 to $16.58 and showed moderate volatility. Trading volume rose 16.88% to $812.7 billion. At the same time, the total value of the market is $14.3 billion, which puts the cryptocurrency in 9th place.
Chart 4 hoursDOT/USD – The DOT peaks below thesupport trend line.
On the 4-hour chart we can see that Polkadot’s price has reversed again, after it failed to reach a higher high last night.
DOT/USD 4 hour chart. Source: TradingView
Polkadot’s overall price action is still moving in a bearish price action pattern. After falling more than 50% from the high of $26, the DOT/USD again tested the previous major low at $13.5.
From the support at $13.5, the DOT/USD pair tried to make up some of its losses. However, the $17 price level could not be broken last week. Polkadot set a low around $16.5 yesterday, as part of a retest of the blue line of the 100-period moving average. From there, the DOT/USD has moved lower in recent hours and has formed a slight bottom.
Therefore, it is likely that Polkadot will turn lower later this week and try to break through the $13.5 support level for good. Alternatively, the market may continue to move sideways to provide support for an upward move in the coming weeks.
Polka dot price analysis: Supplement
Polkadot’s price analysis shows bearish market sentiment for the week ahead. After failing to make a higher high overnight the market pulled back, hit the previous low and broke the uptrend support line. Overall, this change in price dynamics should result in a significant decline in DOT/USD this week, with the next price target at $13.5.
While we wait for Polkadot to launch, check out our guides on the benefits of DeFi, bitcoin commissions, and what you can buy with bitcoins.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The Polka Dot token is in the midst of what is quickly becoming a nasty downtrend. As of this writing, the token is down by 6.2% and is already trading below the $13.5 key support level. If this trend continues, then it may very well be setting up a Fibonacci retracement, which would indicate that the token may begin a new leg lower. Although, we should keep in mind that PolkaDot is still in its infancy, so the possibility of its gaining strength is very unlikely.. Read more about polkadot reddit and let us know what you think.
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