Polkadot Price Prediction – May 7
A downward force has been prevailing in the DOT/USD market operations overly for some time until the present. Price continues to downsize on a lighter note between the high and the low of $14 and $13 value points, keeping a negative of 1.12%.
DOT/USD Market
Key Levels:
Resistance levels: $18, $23, $28
Support levels: $10, $8, $6
DOT/USD – Daily Chart
The daily chart reveals the DOT/USD trade activity continues to downsize in bearish channel trend lines drawn southward against the SMAs. The 14-day SMA trading indicator is below the 50-day SMA trading indicator. The Stochastic Oscillators have crossed their lines southbound briefly above the range of 40. That signifies the possibility of the market witnessing a downing motion again.
Can the DOT/USD trade get support in the near time as it continues to downsize?
Some indications currently signify the DOT/USD trade operations may still witness variant levels of downward turnings in the bearish channel trend lines drawn. While that assumption is materializing, the $10 support level will serve as the main pivotal zone against getting more downs off the downward side. Long position takers have to brace up to get decent entries in no time from now.
On the downside of the technical analysis, the DOT/USD market short-position players ought to have launched a position about three days back around the spot of the upper bearish trend line. Entering a sell order at this point could turn to be termed late execution as the downward force appears getting to its exhaustion. Being as it is, this time of trading condition should attract the attention of investors to consider adding or buying more to their portfolios.
DOT/BTC Price Analysis
Polkadot’s trending capacity runs lower with Bitcoin underneath the SMA trend lines. The cryptocurrency pair market continues to downsize in bearish settings. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators have slantingly moved northbound from the oversold region against some range lines. And they are attempting to close their lines around the 40 range to signify a pit stop in the course of running upward. The base crypto may still go down in the following sessions.
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Source: https://insidebitcoins.com/news/polkadot-price-prediction-for-today-may-7-dot-continues-to-downsize