The Best Time to Buy or Sell Dot Crypto

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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Polkadot price is trading in a downward channel showing bearish momentum. DOT crypto price is down by 19.36% over the past 7 days, whereas according to the price action, the DOT price continues to move under the bears’ influence.

Sellers are trying to pull Polkadot crypto prices toward the lower trendline. DOT must attract buyers in order to surge toward the upper trendline. Investors in Polkadot crypto need to wait for any directional change over the daily time frame chart. 

Meanwhile, DOT crypto is trying to surpass above 20, 50, 100, and 200-day daily moving averages. Polkadot price lost 19.36% in a month and 11.01% in the last three months. 

Moreover, the DOT price has plunged around 35.26% in the last six months and has lost 6.26% year to date suggesting that DOT crypto will probably be bearish in the upcoming sessions. 

Polkadot price prediction showcases the decline of DOT crypto price from the higher level over the daily time frame chart. DOT crypto needs to attract buyers in order to reach the recovery level of $6.00. However, trading volume has been below average and needs to grow for the Polkadot crypto price to sustain at a higher level. 

Is the Correction Over in Polkadot Crypto

If it can keep this level, the Polkadot price could continue to go up and reach the first and second targets of $4.92 and $5.56, respectively. However, if the DOT price cannot maintain this level and falls, then it might hit the closest support levels of $3.93 and $3.58.

At the time of publishing, Polkadot crypto (USD: DOT) is trading above the 50 and 200-day DMAs (daily moving averages), which supports the price trend. 

However, if more selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the DOT price is expected to move downwards giving bearish views over the daily time frame chart.

Technical indicators suggest the downtrend momentum of the DOT crypto price. The relative strength index showcases the downtrend momentum of Polkadot crypto. RSI was at 34 and is heading towards the oversold zone.

MACD exhibits the downtrend in DOT crypto price. The MACD line is below the signal line after a negative crossover. Investors in DOT crypto need to wait for any directional change over the daily time frame chart.

Summary

Polkadot crypto is trading in a downward channel and showing weakness on the daily and 4-hour time frame. Moreover, MACD, RSI, and EMA indicators do not support the DOT crypto price. Technical indications suggest the crypto price is in a downturn. Investors in Injective cryptocurrency must keep an eye on the daily time frame chart for any directional changes.

Technical Levels

• Support Levels: $3.93 and $3.58.
• Resistance Levels: $4.92 and $5.56.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions