February 8, 2023

Polkadot’s Bear Market Weakness Might Cause A $4.81 Drop

During the most recent price movement, DOT’s price traded above the lines showing its moving average. This suggests that it has begun a decline.

Purchasers tried to break over the barrier at $7.10 per share, but they were unsuccessful. They tried twice before the decline but needed help to get over the $7.10 border. The altcoin is now worth less than $5.65.

Indicator Analysis for Polkadot

DOT is now available for around $5.30 and $6.40. Therefore, the negative trend must resume breaking through the current support.

Polkadot’s increasing trend will continue as soon as its price rises over its respective moving average lines or the $6.40 threshold. If the situation continues, this will prove to be a positive indicator.

The price of DOT is now at level 40 for period 14 of the Relative Strength Index. By indication, the cryptocurrency is experiencing a bear market and might continue to lose value.

Polkadot’s price may decrease if price bars are below moving average lines. Unfortunately, the moving average lines’ slope is trending downward, suggesting things are worsening.

Polkadot might have reached the pinnacle of the downward trend. This is due to the altcoin’s daily stochastic being below the threshold of 20. By implication, this indicates that Polkadot has gone too far and cannot turn back.

About Polkadot and Some Potential Future Steps for Polkadot?

Polkadot is a protocol that connects blockchains. Additionally, it enables the transmission of currencies and data between previously incompatible networks. Bitcoin and Ethereum are perfect examples of such. Also, it is quick and scalable by design. Users may purchase and sell the DOT cryptocurrency, which has various uses, including staking and governance, on Coinbase and other exchanges.

Currently, Polkadot is in a downtrend and has achieved bearish exhaustion. On November 9th, however, the declining DOT pricing trend began to reverse. More importantly, a candlestick test of the %78.6 Fibonacci retracement level was also in view. Therefore, the cost of DOT will decrease to the Fibonacci level of $1.272, or $4.81. This is after the coarse adjustment is into effect.


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