• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
Polkadot

Polkadot Can Resume Bullish Momentum Only If It Flips This Level Into Support

anushsamal by anushsamal
1 month ago
in DOT
Reading Time: 2 mins read
Advertisement

Polkadot price has successfully recovered on the weekly chart after the altcoin moved above the $7 price mark. In a week, Polkadot grew by almost 8%. Over the last 24 hours, the DOT price went north by 2%.

Since Bitcoin consolidated underneath the $25,000 price, several altcoins, including DOT, started to lose their price momentum. The technical structure of DOT was bearish, but the overall sentiment in the market was bullish.

Related Reading: Bitcoin On-Chain Data Shows Why $24,700 Is A Major Resistance For BTC

Demand for the altcoin noted a fall, but buyers still outnumbered sellers at press time. For DOT to move into a bullish price zone, the coin must register an increase in demand and accumulation over the subsequent trading sessions.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The Polkadot price is trading 88% below its all-time high, secured in 2021. The bulls can soon take over if DOT breaks past its immediate price ceiling. On the other hand, if demand retreats further, the bears might gain complete control over the price.

Polkadot Price Analysis: One-Day Chart

Polkadot
Polkadot was priced at $7.08 on the one-day chart | Source: DOTUSD on TradingView

DOT was trading at $7.08 at the time of writing. The altcoin price was trading very close to its immediate resistance mark. For the bulls to take control, DOT must rise above $7.20 in the next trading session, or the coin will fall in value.

Once DOT breaks past the $7.20 mark, it may encounter another resistance at $7.34, which has previously acted as a ceiling for the altcoin.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

In the event of declining demand, the first stop for Polkadot would be at $6.90 and then at $6.60, strengthening the presence of bearish price action. The amount of DOT traded in the last session was red, reflecting increased selling on the chart.

Technical Analysis

Polkadot
Polkadot displayed a fall in demand on the one-day chart | Source: DOTUSD on TradingView

The altcoin could not maintain momentum since it visited the overbought zone. The Relative Strength Index noted a downtick, but the indicator stood slightly below 60. This reading meant that buyers remained in a favorable area although demand fell.

By the same, Polkadot’s price managed to hold it above the 20-Simple Moving Average (SMA) line. Trading above the 20-SMA means that buyers continued to drive the price momentum in the market.

Polkadot
Polkadot displayed buy signals on the one-day chart | Source: DOTUSD on TradingView

The technical outlook reflected that the bulls were trying to get hold of the market. The Moving Average Convergence Divergence indicates price momentum and reversals, depicted in green signal bars.

These green histograms are tied to the buy signal, which is further linked to an increase in price over the next trading session.

Related Reading: Stablecoins Market Cap Continues To Slump – Here’s Why

Bollinger Bands suggest incoming volatility; the bands opened up, implying that the asset’s price might change further. For DOT to depict bullish strength, the coin has to breach its multi-month-long resistance level of $7.34.

Featured Image From UnSplash, Charts From TradingView.com
Tags: DOTDOTUSDDOTUSDTpolkadot
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

Polkadot (DOT)

DOT Price (Polkadot) Prediction: Bulls Aim Fresh Surge To $7

60 mins ago
Polkadot

Polkadot To Fall To This Support Level Before Resuming Uptrend

2 weeks ago
Polkadot

Polkadot Finds Support At $6 – How Long Will The Bulls Stick Around?

1 month ago
Tron And HT Plummets

DOT In Red Despite Polkadot Increase In Developer Activity

1 month ago
Polkadot

Polkadot (DOT) Holds 15% Gains On Weekly Chart As Top Coins Plunge Heavily

1 month ago
DOT

DOT Price (Polkadot) Prediction: Another Increase Possible If This Support Holds

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Decentraland and The Sandbox Dominating GameFi Industry – Will Avorak AI Live Up To The AI Crypto Hype?

March 28, 2023

TMS Network (TMSN) Has Exploded 1000% With Stage 2 Presale, Injective (INJ) Sees an Increase of 10.5%, Conflux (CFX) Increases by 41.2%

March 28, 2023

Augmented Reality metaverse platform, OVER takes center stage at Metaverse Fashion Week 2023

March 28, 2023

Best Crypto Reviewed April 2023: 5 Cryptocurrencies to Invest in

March 27, 2023

Metacade Crypto Presale Brought In 14.1m in Just 18 Weeks and Is About to End. Don’t Miss Out on This Presale Event!

March 27, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.