POLKADOT PRICE ANALYSIS & PREDICTION (August 1) – DOT Advances Bearish Following 6% Weekly Loss, Where Next?

2024-8-2 23:25

Polkadot has reached a crucial trading level again after posting a huge loss in the past two weeks. It has reclaimed key support and is now on the verge of breaking lower. The 2023 bottom is the next low to watch.

The last two weeks have seen Dot’s price through another leg down in continuation of the existing bearish trend. Things have become uglier again and the asset is likely to chart bigger loss in the next few days.

As seen on the daily chart, the price is trading briefly under June’s low due to a slight breakdown. The next area of interest for the bears right now lies at July’s low. Scaling through this low may send us back to the 2023 bottom in no time.

Currently, the bulls are off the market. However, if they react to the ongoing dip with a strong interception, the price will likely bounce back. 

Even if that occur, they must retake last month’s high before considering a potential shift. But from the look of things, the bears are more likely to have an upper hand with the latest price setups.

So far, Dot has seen more than 60% correction from the yearly top with no signs of halting at the time of writing. The current market condition remains bearish on the daily chart.

DOT’s Key Levels To Watch Source: Tradingview

In the latest dip, Dot is targeting the $0.4915 support, marked as July’s low. Under this support lies the $4.5 level. If this level fails to contain selling pressure, $3.9 would be next, followed by $3.56 – last year low.

Currently, the $5.4 and $6 levels are held as close resistance. If those levels flips, the next resistance level to watch for a little shift is $6.6.

Key Resistance Levels: $6, $6.6, $7.3

Key Support Levels: $4.915, $4.5, $3.9

Spot Price: $5.3 Trend: Bearish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: valedol/123RF // Image Effects by Colorcinch

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