Polkadot (DOT) Bulls Retreat As Bears Drag The Price Down

2023-5-25 18:30

Polkadot (DOT) is in the red today as the bears seek to regain control over its price. DOT traded at $4.37 on January 1, 2023, and increased to $5.13 on January 11.  

It remained within this range before moving to $6.23 on January 20. Also, DOT increased to the $7 price level on February 17 as the bulls seized control of its price.

However, a gradual bearish turn between March and April forced it back to $5, where it currently trades today. 

Polkadot Price Prediction Today Are The Bears In Control?

DOT is trading in a sideways trend forming a red candle on the daily chart. It is below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term.

Related Reading: Santiment Explains How Bitcoin Investor Mentality Influenced Recent Price Action

The SMA calculates an asset’s average price over a specified period and helps predict trend direction. If the bears persist, DOT’s 50-day SMA, which is about to drop below its 200-day SMA, will form a death cross. Also, the Relative Strength Index (RSI) is 40.73 and in the neutral zone. The RSI is a trend-based indicator.

DOT’s RSI is moving downwards, hinting at further price decline to the oversold region before a trend reversal.  The cryptocurrency’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows convergence. 

Also, the MACD – a trend momentum indicator that displays the relationship between two exponential moving averages (EMAs) and an asset’s price, displays a negative value conforming to the bearish trend today. The green histogram bars are fading, indicating a changing trend direction. 

DOT’s technical indicators all hint at the possibility of further price decline for the asset. It is close to the $5.29 support level as the bears at the $5.42 resistance continue to act on its price, forcing a decline.

DOT has remained in a sideways trend for the last few days and further price decline remains a possibility. However, if the bulls rally again, the $5.42 resistance level will be a realistic target before the $6 psychological resistance level.  

The altcoin will likely enter a downtrend if the bears maintain the pressure today. But one thing that offers the possibility of a bullish reversal is the upcoming ‘Polkadot Decoded 2023’ event in June. 

Polkadot Decoded 2023 Might Boost DOT’s Performance

Polkadot is hosting a community event, ‘Polkadot Decoded 2023’, between June 28-29 in Copenhagen, Denmark. This event will assemble the Polkadot community in progressive talks anchored by over 100 quality speakers in the crypto community. Also, developers will benefit from interactive and practical sessions based on Polkadot’s technology.

Free virtual tickets are currently available for the wider crypto community around the globe to stream the event online.

Featured image from pIxabay and chart from Tradingview.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Dotcoin (DOT) на Currencies.ru

$ 0.0055765 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0055765 - H: $0.0055765
Капитализация $1.74m Rank 99999
Доступно / Всего 312.018m DOT / 890m DOT

dot polkadot price january bears increased 2023

Источник: newsbtc.com

dot polkadot → Результатов: 126


Polkadot ‘Looks Good’ Long-term Says Elite Trader, Predicts new ATH for DOT

Amidst the recent crypto market correction, Polkadot (DOT) has experienced a 15% dip, trading below $10 at the $9 level after hitting a 2024 yearly peak of around $12 a few days ago. Despite this temporary setback, AlanSantana, one of the most popular traders on TradingView, remains bullish on DOT’s long-term prospects and says it […] The post Polkadot ‘Looks Good’ Long-term Says Elite Trader, Predicts new ATH for DOT appeared first on CaptainAltcoin.

2024-3-20 22:30


Polkadot Ventures Into Bearish Zone: What’s The Next Move For DOT?

Polkadot (DOT), one of the leading cryptocurrencies in the ever-evolving blockchain ecosystem, is currently navigating a critical juncture in its recovery journey. Despite showing promising signs of rebounding from previous price corrections, DOT’s path to sustained growth is encountering significant roadblocks that could potentially lure sellers back into the market.

2023-6-14 14:36


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Rising stablecoin adoption on Polkadot: Is it enough to drive DOT prices?

Polkadot sees strong stablecoin growth with USDC and USDT surpassing $120 million in value. Development activity remains low, limiting Polkadot’s ability to fully capitalize on stablecoin adoThe post Rising stablecoin adoption on Polkadot: Is it enough to drive DOT prices? appeared first on AMBCrypto.

Here’s why the Polkadot and Kusama prices are soaring

Polkadot price rose for three consecutive weeks, reaching its highest level since March 4. It has risen to above $8, up by over 138% from its lowest point this year. Similarly, Kusama (KSM) token rose to $45, a significant increase from the year-to-date low of $16.

Kusama soars over 110% as crypto ‘canary’ sings profitable tune

Kusama has taken flight, soaring over 112% on Saturday, leaving investors and enthusiasts buzzing over what’s fueling this meteoric rise for Polkadot’s experimental sibling. Kusama (KSM), often referred to as Polkadot’s (DOT) “canary network,” is living up to its moniker.…

Polkadot: Why $11.96 can be next on the cards for DOT

Polkadot’s breakout above the descending channel highlighted a potential 56. 86% upside to $11. 96. Strong short liquidations and steady social metrics are driving DOT’s bullish momentum. The post Polkadot: Why $11.

How soon can Polkadot break $6? A Look at DOT's recent market moves

DOT has shown classic signs of a healthy, growth-driven retracement.  However, patience may get tested before a breakout materializes. Polkadot [DOT] has mirrored the broader market’s reThe post How soon can Polkadot break $6? A Look at DOT's recent market moves appeared first on AMBCrypto.