• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • 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
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • 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
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Polkadot
Nexo Logo

Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further Downtrend

anushsamal by anushsamal
2 weeks ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Polkadot has been on a sharp decline over the last week as the broader market extended losses at press time.

Bitcoin nosedived to $28,000 and presented a loss of 7% over the last 24 hours. All major altcoins have followed the same path registering losses on the daily chart.

Polkadot was trading in a descending trendline, although, DOT tried to recover on charts. The recovery can be stalled if buyers don’t return to the market.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The price of the altcoin was trading close to its immediate support of $8.04.

DOT was last seen trading around this price last in July 2021. In the last four months, Polkadot displayed rangebound rallies.

The price of DOT was sandwiched between $24 and $16 over the last 17 weeks. Although Polkadot staged a revival, it is too early to conclude if the coin will continue to move northbound.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Polkadot Price Analysis: One Day Chart

Polkadot
Polkadot was priced at $10.64 on the one day chart | Source: DOTUSD on TradingView

Polkadot was trading at $10.64 at the time of writing. In the last 24 hours, DOT lost over 12% and in the past week, the coin lost close to 30% of its market value.

Descending trendline depicts bearishness, even though the coin was attempting to rise above the immediate resistance line of $10.80.

Moving above the $10.80 price level, the coin could target $13.22. To invalidate the bearish thesis the coin has to trade above the $14 price level.

The coin displayed a series of bearish engulfing candlesticks (green arrow) on the one day chart.

The bearish engulfing candlesticks mark the onset of bearish price action and the continuation of the same.

In case of a price reversal, if the coin manages to stay above the $13.22 price level, then the other two resistance for DOT stands at $16.06 and $17.46, respectively.

The trading volume of the coin was seen in the green. This meant that the coin was displaying a change in price direction.

Technical Analysis

Polkadot
Polkadot registered a fall in buying pressure on the one day chart | Source: DOTUSD on TradingView

Polkadot was oversold over the past few days, however, the coin started to register an increase in buying strength.

The Relative Strength Index noted an uptick on the one day chart. The RSI moved above the oversold zone as buyers started to enter the market.

Buying pressure remained low in the market as the coin’s price was still driven by sellers in the market, despite the uptick. The Directional Movement Index depicts the price momentum in the market.

DMI was negative on the chart as the -DI was above the +DI line which signified bearish price action.

Related Reading | XRP Flashed A Sign Of Revival; Where’s It Headed Next?

Polkadot
Polkadot indicated bearish price action on the one day chart| Source: DOTUSD on TradingView

Polkadot was trying to recover on its chart because the indicators have reflected that price action. Chaikin Money Flow portrays the capital outflows and inflows.

On the one day chart, Chaikin Money Flow was seen registering an uptick that points towards increase in capital inflows over outflows.

Awesome Oscillator signifies price momentum of the market. The AO continued to flash red histograms underneath the half line which meant that Polkadot was still on a negative price direction.

Related Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

Tags: polkadotprice analysis
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

CoinEx Charity Book Donation Worldwide: Over 10,000 Books for Children’s Dreams

CoinEx Charity Book Donation Worldwide: Over 10,000 Books for Children’s Dreams

4 mins ago
Six Years of Relentless Efforts: ViaBTC is Always on the Way

Six Years of Relentless Efforts: ViaBTC is Always on the Way

9 mins ago
Top 3 Web3 Coins to Watch in 2022

Top 3 Web3 Coins to Watch in 2022

18 mins ago
The DAOificaiton of Games: How and Why

The DAOificaiton of Games: How and Why

22 mins ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

15 hours ago
Bitcoin on-chain metrics

Bitcoin On-Chain Activity Throttled After LUNA Collapse

18 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Creating a Self Development Platform Amongst Many Other Utilities – Trash Panda Gang Focuses on Helping Their Community

May 26, 2022

Oriental Culture Announces Strategic Partnership with Hangzhou Metaverse Internet Technology Co., Ltd.

May 26, 2022

Price Prediction: How Profitable Will These Coins Be? — Dogecoin (DOGE), Parody Coin (PARO), and Ripple (XRP)

May 26, 2022

In Defence of Cryptocurrency – Christine Lagarde, Are You Serious?

May 26, 2022

Gaming Projects You Should Know in 2022: Decentraland (MANA), Enjin (ENJ), and Pac-Man Frog (PAC)

May 26, 2022

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.

COMPANY

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

Technical Analysis

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

LINKS

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • 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
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 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.