Polkadot Price Upcoming Move As The Bears Emerge.

Polkadot Price Upcoming Move As The Bears Emerge.

2022-02-11 | Daniel Smith

Polkadot Price Upcoming Move As The Bears Emerge.

Polkadot (DOT) has increased by 16 percent in the previous week, causing DOT to trade at $20.59. The coin's positive trend assisted it in trading over the $20 support level. DOT has lost over 3% of its market price in the previous 24 hours. At the time of publication, the coin was witnessed bouncing between $22.62 and $21. Polkadot had been attempting to break through the $22.62 resistance level for fairly some time in recent days. The bulls were rebuffed each time because the previously specified price ceiling worked as a strong one. Despite the fact that DOT has been trading sideways, the bulls have continued to maintain prices over the 20-SMA level in recent days. Prices dropped under the 20-day moving average, bringing back the bears. The value of DOT was detected under the 20-SMA line, indicating that sellers were dragging the coin's price motion. DOT's closest support zone ranged from $20.91 to $19.65. Polkadot's trendline has risen in recent days as the currency has maintained gains during the specified time range. Polkadot significantly traded near the $22 price level for a long time, but its effort to go over that price level was thwarted by the bears. Because the currency refused to trade over the critical resistance level, DOT devalued at the time of publication. Sustained sideways trading would drive prices lower from where they are now. Polkadot Price Upcoming Move As The Bears Emerge.

DOT/USD Price Chart - Source: CoinMarketCap

The technical perspective had scooped up on the bearish price movements and was equally gloomy. The Relative Strength Index had got to remain above the half-line while the bulls were at $22, but as the coin ran out of steam, the RSI went through the zero-line. A drop below the zero-line signaled a sell signal, and selling was observed outnumbering buyers in the marketplace. The MACD signal was likewise bearish, indicating a bearish crossing. According to the same analysis, red histograms were spotted under the half-line, and the RSI indicated a growth in the number of sellers. For DOT, MACD had indicated a sell signal.

The Following DOT Trading Levels

The coin will fall to $20.91 and ultimately to $19.65 if sellers persisted to pull it down. In the previous two trading sessions, the volume of DOT was observed ending in the red. Red volume bars indicate negative price action, implying that the bulk of transactions occurred via selling. If bulls resurface, which is possible if prices retake the $22 level, there might be a bullish price break-out. A breakthrough to the upswing would accelerate prices to the upcoming price ceiling of $25, nevertheless, throughout the trading sessions, DOT will continue to move to the negative and then try to hit the abovementioned resistance point if the $22 mark proves to be a tough price ceiling for the coin.

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