Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Polkadot Forum => Topic started by: Coin_Gabbar on September 19, 2022, 01:45:58 PM
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POLKADOT PRICE ANALYSIS : Crypto markets are in the red; will DOT go below its 24-month low?
Polkadot indicates that the price has dropped during the day, already nearing the lowest level of $6.11, and it is expected to fall lower in the upcoming days.
Polkadot prices are currently plummeting, with the market falling below $6.11. This follows a time of consolidation around this price level. The bears appear to have taken control, pushing DOT/USD prices towards support at $6.00. The polkadot market has been consolidating over the previous few days, ranging between $6.70 and $8.00. The digital asset is currently trading at $6.17, indicating a loss of more than 12.02% for the day.
Polkadot price analysis on a regular basis shows a strong bearish trend for the market today, as the price has covered a downward movement in the last 24 hours. The market is now trading very near to the key support level of $6.00, which bulls are trying to defend. In the short term, market conditions for DOT/USD seem bearish, but a breakout from the current consolidation zone could see the market move towards $7.50 in the near future.
Polkadot price analysis 4-hour price chart indicates that the market has been in a bearish trend since the beginning of today. The market attempted to move towards $7.50 but was unable to maintain this level and fell back below $6.11.
In the short term, the market is predicted to continue bearish since the MACD indicator is going below the signal line, which is a bearish sign. The Relative Strength Index indicator is nearing the oversold zone, indicating that bulls may make a comeback in the near future. The upper Bollinger Band is now sitting at $7.36, while the lower Bollinger Band is sitting at $6.25. The DOT/USD price has breached the lower Bollinger Band, indicating that volatility is likely in the coming days.
According to Price Analysis, The market capitalization of this DOT is estimated to be $6,927,265,766.The coin's 24-hour trading volume is around $419,148,764. DOT market capitalization has fallen by 11.29 However, trade volume increased by 81.36% during intraday trading. The market capitalization to volume ratio is 0.06086.
On the upside, resistance is situated at $6.60. The next significant resistance is near $7.20. A clear break over the $7.20 resistance level might start a new uptrend. In this scenario, the price might possibly break over the $8.00 barrier. Any further advances might push the price up to the $9.80 barrier level.
If DOT fails to break through the $6.60 barrier level, it may continue to fall. On the downside, initial support is at $6.00. The next major support level is at $5.50. A breach below the $5.50 support level might result in another sharp drop. In the aforementioned scenario, the price may fall to around $4.50.
KEY LEVELS :
RESISTANCE LEVEL : $6.60-$7.20
SUPPORT LEVEL : $6.00-$5.50
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