As a crypto investor with some experience under my belt, I’m closely monitoring the recent developments surrounding Polkadot (DOT). The sharp decline in its price, which is currently in freefall towards new lows, has me on high alert. The combination of market-wide volatility, negative investor sentiment, and regulatory pressures are fueling this downturn, and I’m bracing myself for further losses.
I, as an analyst, would rephrase the given text as follows:
As a researcher examining Polkadot‘s price trends, I will delve into its potential future value using technical indicators on both the 1-hour and 4-hour charts.
DOT Price Still Actively Bearish
The price of DOT on the 4-hour chart pulled back following its breakout from the preceding bearish triangle formation on the wedge, but now seems to be trying to rise once more. However, it’s important to note that this uptrend is likely to be temporary, and a further decline is expected to follow.
The 4-hour Composite Trend Oscillator indicates that DOT‘s price might continue to decline since the signal line and Simple Moving Average (SMA) of this indicator are approaching the oversold territory.
On the one-day chart, DOT is making an effort to bounce back below its 100-day moving average after forming a bearish candle in the previous day. This rebound could be indicative of a brief uptrend for DOT based on recent price action.
In summary, the Composite Trend Oscillator on the daily chart for DOT indicates a continued bearish trend. The signal line and Simple Moving Average (SMA) have moved below the zero line and are approaching the oversold region.
More Losses Ahead?
As a crypto investor, I’ve been closely monitoring Polkadot (DOT) and I must admit that its recent price decline has left me feeling uneasy. The sharp and sustained drop in price is a clear sign of a bearish trend, which is why I’m keeping a close eye on the $4.809 support level. If DOT breaks below this level, it could lead to further declines, potentially testing the $3.542 support level next. It’s important for investors like myself to be prepared for potential losses and have a clear exit strategy in place.
As a researcher observing DOT‘s price movement, if the token continues climbing, I anticipate it approaching the $7.701 resistance level. surmounting this barrier would propel it further to challenge the $9.805 level and potentially shift its trend toward bullishness, exploring other significant resistance levels.
At the point of composition, DOT was priced around $6.23 and had dropped by 2.58%. Its total value was more than $8.9 billion, and over $204 million worth of it had been traded within the last 24 hours. Despite a 2.52% decrease in market capitalization, there was an uptick in trading volume by almost 19.1%.
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2024-06-15 17:10