The market capitulation following the initial coin offering (ICO) of the first Ethereum-based coin, Ethereum Classic (ETC), shows no signs of slowing down. Two weeks after the Ethereum-based coin made its debut, the market has now begun to consolidate with a price range from $15 to $18, which is the lowest price range since early January. The market has yet to find a floor and is looking to rebound and the same can be said of Ethereum Classic since the market has yet to find a floor.
The price of the digital currency, Cardano (ADA) has been on the downtrend over the past week, yet momentum for the coin is still somewhat positive, which may be the case as it prepares to move into the weekend. In this analysis, bitquick will focus on what we can expect to happen in the market over the next few days, including what will happen on each of the major exchanges.
The value of most cryptocurrencies continues to be challenged by heavy selling pressure in the month of August. Polkadot (DOT) is one of the few that has bucked the trend. The value of DOT has surged almost 20% today at the time of writing, bringing the total value of the coin to just over $11.. Read more about polkadot price prediction 2030 and let us know what you think.Summary of the situation
- Polkadot’s price analysis shows that DOT is on track for a further decline.
- Sideways trade opens up opportunities for the bears around $15.25.
- A further decline from here could lead to a breakout above $13.00.
cryptocurrency heatmap from Coin360
Polka dot is about to collapse if current trends continue. The DOT/USD remains close to the lower limit of the Bollinger Bands at $15.2792 and could break downwards if the bears start a new selling cycle. However, the price is fluctuating around the lower Bollinger Band and has drawn small green candles in the past few hours.
It should be noted that Polkadot has mirrored attempts to break below $15.00 in the recent past. The cryptocurrency is enjoying good bullish support near the $15.00 barrier. A drop below current levels would take the DOT to the next pivot point at $14.00 and open the door to the $11.00 level.
According to Polkadot’s price analysis, a move below $13.65 would reverse the long-term uptrend that has been defining the DOT/USD charts for months. The declaration of bullish trends will give the bears fresh impetus to place large sell orders, which could put additional pressure on the pair.
Polka dot price movement in last 24 hours: Limited and undecided
The pair has shown a clear downward trend over the past two weeks. The price drop was gradual, from $20.80 to the current level of $15.00. This stagnation has caused the pair to lose valuable volume, as bulls wait for certain technical signals before taking long positions.
The one on the 22nd. The June low of $13.00 threatened to change the long-term uptrend. The rapid recovery that followed on 22. June followed, but did not set an upward trend, as Polkadot’s price analysis shows. Subsequently, the DOT failed to break through the $16.57 resistance level. According to Polkadot’s price analysis, it is likely that the price will vary as the weekend approaches.
DOT/USD 4-hour chart: No strong upward trend in sight
ThePolkadot from TradingView
Due to the lack of volume, the chance of a strong uptrend breaking through the Fibonacci retracement level of 0.786 at $17.00 is negligible. Any recovery will occur in a liquidity driven, high volume environment. It is unlikely that the bulls will join such a rush, as the technical indicators are not yet giving clear forecasts.
Resistance and support levels keep bears and bulls on their toes. The $14.00 to $17.00 range has been stagnant for a while. According to Polkadot’s price analysis, the 50-day simple moving average is close to price, but the 100-day simple moving average is well above the current price channel.
The RSI at 50 shows that no immediate change in trend is expected. The Squeeze Momentum indicator predicts another weekend of sideways action. The descending price line shows an extension towards the $14.00 support zone.
Polka Dot Price Analysis Output: Zigzag movement dominatescharts
Polkadot’s price analysis shows massive indecision in the market. Most traders sit back and wait for clear signals from technical indicators. This is also reflected in the low volumes and inflows. It appears that current stagnation or consolidation will remain the theme for the coming weekend, with price moving in a narrow range of $14.00 to $17.00.
Traders should be cautious about opening significant long positions, as the price may fall. However, if price breaks above the 50% Fibonacci retracement level, where resistance is located at $16.70, then bulls can expect a move towards the $20.00 resistance zone. A close above $20.00 would open a long-term target at $25.00.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.As the weekend approaches, we’ll likely see the largest single correction in the new year, as the markets start to hit a seasonal lull. This should be an incredibly slow week of trading for crypto-markets, but it could still bring a small move upward as buyers become more informed about the price action. The last day of January is always a day of mixed sentiment for crypto, as it traditionally marks the end of the year’s purest price action.. Read more about polkadot coin and let us know what you think.
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