Polkadot Price Prediction: Bulls Struggle to Overcome Selling Pressure

The price of the coin is still above the 20,50,100 Exponential Moving Average and is lagging behind the 200 Daily Moving Average.
The current price of the coin is surfing around $6.34 and has grown by 0.17% during the last intraday trading session.
The pair of DOT/BTC is trading at 0.0002248 BTC and has increased by 0.47%in last 24 hours

The article analyzes the current state of Polkadot’s price movement, with the bulls and bears struggling for control. Despite the bulls’ efforts, the bears seem to be gaining ground and pushing the price toward an uptrend. Investors are concerned about the downward momentum, and the bulls need to act quickly to maintain the coin’s potential. Currently, the price of a Polkadot is around $3.34, and it has increased by 0.17%. The DOT/BTC pair is trading at 0.0002248 BTC and has increased by 0.47%in the last 24 hours.

If the bulls manage to grab the last straw, they could push the price toward the primary resistance level of $6.68 and then break through to the secondary resistance level of $7.67. However, if the bears manage to step up, the bulls could be in trouble, and the price may decline toward the primary support of $6.06 and could reach a secondary support level of $4.25. The bulls are pulling the bears’ legs to move the price into the intended range while the bears are looking for an opening to take over the trade. As soon as the negative trend begins, the bears may join the trade and reverse the positive trend, so they must move quickly to prevent the DOT from losing its potential.

The volume per market cap ratio is 0.024, indicating a steady increase in volume and decreased short-selling pressure. The volume has increased by 14.70% in the last 24 hours. The increasing volume indicates bullish dominance.

The Technical analysis of DOT

The technical indicators show that the Relative Strength Index is approaching overbought territory, with the current value at 53.26 and the average RSI is 49.97. The bulls are taking advantage and pushing the RSI into the overbought zone. The price of the coin is still above the 20,50,100 Exponential Moving Average and is lagging behind the 200 Daily Moving Average. The MACD and MACD indicators have intersected giving a positive crossover.

Conclusion

The price of Polkadot is currently repelling selling pressure as the bulls are trying to push the coin into an uptrend. The bulls are struggling to take over the trade, and the downward momentum is a cause of concern for investors. The current price of the coin is surfing around $6.34 and has grown by 0.17% during the last intraday trading session.

Technical Levels

Support Levels: $6.06 and $4.25

Resistance Levels: $6.68 and $7.67

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.