POLKADOT Price Analysis: DOT Bears are Back to Take Charge

• After moving in a horizontal trend, the DOT price is currently trading with a nice rising movement on the daily price chart.
• The crypto asset is now approaching the 100 days moving average after surpassing 20 and 50 days.
• The DOT/BTC pair is at 0.0003882 which is at a gain of 2.87%.

The DOT price after moving on a sideways trend is now trading on a flattering uptrend movement overt the daily price chart. This signifies the bearish defeat for dominance as the bulls have successfully dominated the market. Though the recovery is not huge but a good relief for the investors in this hard time.

The coin still needs to attract buyers to make a constant uptrend movement or else the chances of bearish takeover can increase as the price is moving towards the overbought region. The trading volume is at a gain of 93% which is fascinating the investors, but this is not a good time to enter the market, as analysts believe that this recovery is not sustainable and the bears can make a comeback any time.

The current price for one DOT coin is trading at $9.23 which is at a significant gain of 5.38% in its market capitalization in the last 24 hrs. The coin has a trading volume of 641 million which is at a massive gain of 93.85% in the 24 hrs trading session and has a market cap of 10 billion. The volume market cap ratio is 0.06243.

Short-term View for DOT

Waves of an uptrend movement can be observed over this short term (4 hrs) price chart. This closely shows the attempts of bears to take over the market, but the bullish consistency and the support of BTC didn’t let the bears take over.

The MACD indicator shows the buyers line is moving above the sellers signal line and the gap between the two is increasing gradually with the rising green histograms. The relative strength index once crossed the overbought mark then plunged, and is now again approaching it. The RSI value is above 65.

Conclusion

The DOT price after moving on a sideways trend is now trading on a flattering uptrend movement overt the daily price chart. The coin still needs to attract buyers to make a constant uptrend movement or else the chances of bearish take over can increase. The trading volume is at a massive gain of 93.85%. The technical indicators support the bullish run but also shows the chance of a backlash.

Technical levels

Resistance levels: $9.92 and $10.83

Support levels: $7.68 and 6.53

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.