Polkadot (DOT) Price Moves Closer To Crucial Support, What’s Next?
2023年2月1日 - 06:00AM
NEWSBTC
The Polkadot (DOT) price started to note a fall on its daily chart
after Bitcoin could not stay above the $24,000 price. Other
significant altcoins followed suit with Bitcoin’s descent on its
chart. Over the last 24 hours, DOT lost 3% of its market value. In
the last week, the altcoin lost close to 6%. The technical outlook
also started to portray how the bulls were losing strength on the
daily chart. Demand for the altcoin noted a downtick, which is why
even accumulation fell on the chart. Related Reading: Bitcoin Price
Hints At Potential Correction, Buy The Dip? With a fall in demand,
DOT is headed toward its nearest support level, and a continued
reduction in buying strength will push Polkadot below its support
line. If demand in the broader market improves with BTC
appreciating and moving above the $24,000 mark, then demand for
other altcoins, including DOT, will increase on its chart. DOT must
break past its overhead resistance to ensure that the coin does not
incur further losses over the upcoming trading sessions. The market
capitalization of DOT noted a decline, which meant that sellers had
started to resurface in the market. Polkadot Price Analysis:
One-Day Chart DOT was exchanging hands at $6.28 at the time of
writing. The altcoin was quite close to its immediate support level
of $6.20. This level acts as a crucial price zone for the altcoin,
as a fall from its level will bring Polkadot to $5.70. The overhead
resistance for the coin stood at $6.60; breaching this level will
help Polkadot secure $6.20 as its nearest support line. The coin
can also try to revisit the $7 mark if it breaks past the $6.70
level. The amount of Polkadot traded in the last session was green,
indicating an increase in buyers on the one-day chart. Technical
Analysis The altcoin has fallen from the overbought region,
contributing to the recent price correction. The Relative Strength
Index was below the 60 mark, but it displayed an increase in buying
strength. Buyers still had power over the sellers in the market. A
fall in demand will bring DOT below its immediate support line. The
price of the altcoin was slightly above the 20-Simple Moving
Average (SMA) line, which implied that buyers were driving the
price momentum in the market. About DOT losing momentum over the
subsequent trading sessions, it formed a death cross in the chart.
A death cross occurs when the longer moving average crosses above
the shorter moving average, in this case, the 50-SMA (yellow) line
going above the 20-SMA (red) line. A death spiral is usually
followed by a fall in the asset’s value. Other technical indicators
showed that the bullish signal was weakening. Moving Average
Convergence Divergence indicates a change in price momentum and a
trend reversal. The indicator underwent a bearish crossover and
formed red signal bars related to a sell signal. A sell signal
often means that the price is headed for a dip. On the same note,
capital inflows noted a decline, although they were still in the
positive zone. Related Reading: What’s Next For Solana As Bulls
Face Rejection At $25? The Chaikin Money Flow measures capital
inflows and outflows at a given point. The indicator dipped closer
to the half-line, meaning capital inflows fell on the one-day
chart. Featured Image From UnSplash, Charts From TradingView.com
Flow (COIN:FLOWUSD)
過去 株価チャート
から 11 2023 まで 12 2023
Flow (COIN:FLOWUSD)
過去 株価チャート
から 12 2022 まで 12 2023