Polka Dot, or DOT, is a blockchain-based cryptocurrency with a unique privacy and scalability solution. The project is a fork of Viacoin, PolkaDot’s flagship coin. It is a peer-to-peer cryptocurrency that is based on the Bitcoin Core software.
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Summary of the situation
- The Polkadot market remains bearish today with a high of $13.3 and a low of $12.15.
- The Polka dot market has been around since the 11th century. July in a general downward trend
- There are signs of recovery in the last 3 hours: The RSI quickly rose from 24 to 42 on the 4-hour chart.
- The next target is a return to the recent support line at $13.3.
- Our analysis suggests that the DOT/USD could briefly rise to the $13.3 level before falling back.
Our analysis of the Polkadot price shows a steady downward trend, despite attempts by the bulls to overcome high resistance. The market continues to decline for the fifth consecutive day, with a high of $13.3 and a low of $12.15 today. A similar trend is expected for the next few hours, which could lead to another move below the previous support line at $13.3.
Overall, the market appears to be in a downward mood today. Bitcoin lost nearly 1.38%. Other altcoins also saw a slight decline: Ethereum lost more than 2 percent.
TradingView’sPolka Dot Price Table
Looking at Polkadot’s 1-day chart, a bearish takeover after 11 is likely. July is obvious. Even before that, the DOT/USD hovered between $16 and $15.15 for 14 days. However, according to Polkadot’s price analysis, the current trends do not look promising.
The RSI on the 1-day chart is showing a sharp downward slope and is approaching the 30 mark. Once it drops below 30, the market will be significantly undervalued. According to Polkadot’s price analysis, the RSI on a daily basis is 32, indicating a slightly undervalued market.
DOT/USD 24-hour trends – Is the market recovering from a bearish takeover?
Price tablePolkadot by TradingView
DOT/USD was trading between $13.17 and $12.62 in the past 24 hours. After rising slightly from $12.94 to $13.3 today, the price gradually dropped to $12.15 before the bulls regained momentum.
Over the past three hours, the market has risen slightly. However, the overall trends since yesterday remain bearish. After falling to 25, the RSI only reached a high of 42.5 in the last two hours, indicating a rapid recovery. However, according to Polkadot’s price analysis, the increases are not expected to be long-lasting.
The previous support was at $13.3 and when the price reaches this level, there is a possibility of another downward move leading to further declines. Polkadot’s price analysis shows that, despite some fluctuations, the market has remained stable since the 12th century.
DOT/USD chart 4 hours – retracement to recent support at $13.3?
Price tablePolkadot by TradingView
After falling below the $15 support level, Polkadot’s price analysis shows a steady downward trend. However, in the last few hours, the market seems to be showing signs of rallying towards the recently established support at $13.3.
However, once this threshold is reached, the market is again subject to volatility. For now, however, the RSI is showing a positive slope, indicating a good chance of recovery. But shortly before that, the RSI hit 24, meaning the market was extremely undervalued for over 8 hours.
The rise in the RSI has only taken place recently. While the outlook looks good so far, the next few hours will determine whether the market pulls back or stabilizes before falling again.
Polka dot price analysis conclusion – Is price moving back towards the $13.3 support line?
According to our analysis, the DOT/USD may just reach the $13.3 mark before stabilizing again. From that point, the market can either decline or move towards the $15 barrier. However, given the trends of the last few days, the prospects for recovery do not look good.
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