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Polkadot (DOT) In Freefall: Will It Recover Or Hit Rock Bottom?
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Polkadot (DOT) In Freefall: Will It Recover Or Hit Rock Bottom?

Godspower Owie
Godspower Owie
1 year ago
2 mins read
DOT

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Polkadot (DOT), a prominent player in the blockchain ecosystem, is currently experiencing a dramatic decline, prompting a bearish alert. The cryptocurrency is in freefall, with its price plummeting towards new lows. A combination of market-wide volatility, negative investor sentiment, and regulatory pressures fuels this sharp downturn. As DOT’s value continues to erode, investors are advised to brace for further losses and reassess their strategies in light of these bearish signals.

In this analysis, we will dive into Polkadot’s price prospects with the help of some technical indicators focusing on the 1-hour and the 4-hour timeframe.

DOT Price Still Actively Bearish

DOT’s price on the 4-hour chart did a retracement after a break from the previous bearish triangle wedge and began to drop again. Although the price currently is attempting to move up, the reality is that it will continue to drop afterward.

DOT
Source: DOTUSDT on Tradingview.com

The formation of the 4-hour Composite Trend Oscillator also suggests that the price of DOT may still drop as the signal line and Simple Moving Average (SMA) of the indicator are currently trending close to the oversold zone.

Also, on the 1-day chart, DOT is attempting a bullish move below the 100-day SMA after dropping a bearish candlestick on the past day. Based on the 1-day price formation, it can be suggested that this bullish move that DOT is making is just on a short-term note.

DOT
Source: DOTUSDT on Tradingview.com

Lastly, the 1-day Composite Trend Oscillator on the daily chart signals that DOT’s price is still actively bearish as both the signal line and SMA have crossed below the zero line and are heading towards the oversold zone.

More Losses Ahead?

In conclusion, Polkadot is currently in a precarious position as it experiences a sharp and sustained decline, triggering a bearish alert. Therefore, if the price of DOT continues to drop, it might move towards the $4.809 support level. And if it breaks below this level it will drop further to test the $3.542 support level and probably other key levels afterward.

However, if DOT decides to continue its move in the upward direction, it will begin to move toward the $7.701 resistance level. Should it move above this level, it will move higher to test the $9.805 level and probably go bullish to test other key levels.

As of the time of writing, DOT was trading at around $6.23 and was down by 2.58% with a market capitalization of over $8.9 billion and a 24-hour trading volume of over $204 million. Although its market capitalization is down by 2.52%, its trading volume has increased by 19.08% in the past day.

DOT
DOT trading at $6.221 on the 1D chart | Source: DOTUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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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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