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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Polkadot (DOT) Hits The Brakes At $7.34 After Brief Recovery

Christian Encila
Christian Encila
2 years ago
3 mins read

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Polkadot (DOT) price shows that the coin has finally latched on to its support zone.

  •         Polkadot price analysis looks extremely bearish
  •         DOT/USD resistance at $7.79
  •         DOT/USD support at $7.05

The bulls did a clap back and were able to rebound as DOT dodged further downtrend that falls below $7.22 and instead went for a range upwards or shooting towards $7.42.

ADA showed some recovery but provided the necessary support for the coin’s price. With the prevailing intense selling pressure in the market, a downtrend was apparent for ADA that has been lingering for more than a week now.

According to CoinMarketCap, the DOT price has swerved down again as it dropped by 3.65% or is trading at $7.14. Evidently, the coin has corrected and had dipped lower at it was priced at $7.34 a few hours ago.

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Polkadot Bears Smacked the Bulls

From a 24-hour perspective, Polkadot’s price reveals the presence of intense selling pressure that has resurfaced due to the reduction in coin price.

The bears were also able to smack the bulls that were acing it yesterday as increased selling pressure has been noted today.

With the bears pummeling the price downward, DOT price slumped to $7.34 which sets the next support at $7.05.

The coin is said to have gained 1.15% profit overnight due to the coin’s bullish streak yesterday. On the other hand, DOT lost around 19.76% in the past few days due to intense selling activity.

MA level for DOT has also dropped which is now spotted at the $8.04 zone after it has dived below the SMA 50 curve.

As DOT price has been cascading down for the past few days, the Bollinger bands have also expanded, showing a spike in volatility with both limits skewing. The upper band is now seen at $9.96 with the lower band spotted at $7.05 showing support for Polkadot.

RSI for DOT has retraced to index 39 following the bearish sprint.

Chart from TradingView.com

DOT RSI Shows Increased Buying Pressure

On the 4-hour price chart, DOT price is looking bearish and the momentum going downwards today. DOT price is spiking again as the range now forms the support zone for the coin. However, the plunge seen at the beginning of the trading session has propped the bearish trend for the crypto market. MA value for DOT is spotted at the price zone of $7.36.

The coin’s volatility is also softened with the Bollinger bands demonstrating a sharp convergence. Evidently, the upper band clutched on the $7.68 resistance level, while the lower band inched closer to the $7.14 level. The RSI curve is seen to have evened out at index 34 with the increase in buying pressure as in the past four hours.

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Crypto total market cap at $985 billion on the daily chart | Source: TradingView.com

Featured image from Coincu News, Chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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