DOT Price Prediction: Polkadot plunges from the $40 region amidst several sell signals
3 min readTable of Contents
TL;DR Breakdown
- Dot price prediction shows the number 6 crypto asset has failed to surge past the $40 region as selling pressure rises.
- According to the TD Sequential technical indicator, Polkadot appears to be indicating sell signals.
- DOT appears to be relying on its $35 support level at the 50 Simple Moving Average for stability and recovery back to the $39 region and above.
- According to DOT’s 12-hour chart, the MACD indicator has flipped bearish.
During the recent market slump, the number 6 cryptocurrency found support at the $32 region, allowing it to recover and maintain an impressive price surge. Although market pundits had predicted that Polkadot would bypass and hit new milestones, the price surge failed to slice through the critical hurdle at $40.
At the time of writing, Polkadot is experiencing an ongoing correction amidst mounting selling pressure.
DOT Price Prediction: General price overview
At the time of writing, Polkadot is trading at $36.7 following the rejection from the $40 mark. Despite the ongoing price slump, bulls appear to be focused on ensuring the crypto coin secures a higher support level.
At present, the immediate support level sits at the 50 SMA at $35. If the number 6 cryptocurrency fails to settle above this region, Polkadot will trigger an avalanche of overhead orders, adding to the current selling spree.
At the time of writing, Polkadot’s 100 Simple Moving Average currently stands its base at the $34 zone, but it does not appear firm enough to halt the ongoing price depreciation. Therefore, if Polkadot ends the day under the 50 Simple Moving Average mark, investors should prepare themselves for an extension of the bearish trend. Polkadot is likely to find support at the 200 Simple Moving Average.
DOT price in the past 24 hours
On having a broad look at the 24-hour chart, the Moving Average Convergence Divergence (MACD) confirms the looming bearish trend. The Moving Average Convergence Divergence (MACD) indicator has grown weary and is on the edge of a dip back to the middle line.
Usually, whenever the MACD slices under the signal line, it signifies a price correction lasting longer.
DOT’s 4-hour chart
According to the TD Sequential indicator on the 4-hour chart, Polkadot is currently experiencing a selling spree. Manifested in a green 9 candlestick, the selling signal implies Polkadot’s price surge is getting tired with the bears prepping themselves for a takeover.
At present, most of the selling signals indicated by various technical indicators have been validated; hence, the prediction of further price plummeting.
Predicting DOT’s price
Despite the ongoing price slump, Polkadot is still a competitive crypto asset that promises to surge soon. 2 days ago, the SuperTrend technical indicator predicted the current recession, giving investors a reason to hold on to the coin.
This means DOT is still a viable investment that promises to join the general upsurge market soon. If Polkadot manages to hold above the 50 Simple Moving Average, it could cut short the ongoing price slump and lead to a price recovery that might see the crypto asset recover past the $40 mark.
Conclusion
At the time of writing, leading cryptocurrencies in the market are expressing a bullish trend. Polkadot bulls might want to come into the picture and save their favorite crypto asset from plummeting further. If DOT manages to flip the ongoing slump, it might join other cryptocurrencies in taking advantage of the ongoing bullish trend.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
