2023-08-31 10:45:17 ET
Polkadot
’s native token DOT has traded principally decrease since peaking round $7.89 in February. Now bulls discover themselves as soon as once more close to a key horizontal support zone, a possible situation given worth is at present printing a second pink candle on the day by day chart as sellers eye break to $4.40.
If DOT breaks decrease, consumers may need to dig deeper to defend the $4.30 space as was the case in mid-June following the SEC-induced crypto sell-off.
DOT worth outlook
As might be seen on the chart beneath, DOT at present hovers round $4.46. Nonetheless, it seems sellers have a slight higher hand with the rejection close to $5.00 more likely to strengthen with one other unfavorable flip on the day by day time-frame.
Polkadot worth on day by day chart. Supply:
TradingView
The horizontal line has held strongly earlier than, however can bulls maintain it that manner? Latest
news for Polkadot
haven’t helped consumers as such.
Towards the bullish case is the descending triangle sample that presents a powerful bearish bias and the form of the 100 SMA that provides to the potential for a draw back break.
The day by day RSI additionally suggests a bearish outlook after flipping off the 50 mark. If a bullish divergence fails to materialize, DOT might prolong past the ascending triangle’s support line. On this case, bears might goal worth ranges in direction of $3.55 – that are areas final traded at in August 2020.
On the upside, a breakout to the triangle sample’s resistance line might see bulls purpose for support above $5.50. Past this, momentum might push DOT/USD to the long-term demand/provide reload space of $7.00.
The put up
Polkadot price: bearish outlook as DOT nears key support zone
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