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Polkadot Price Analysis: DOT Token Hovering Above The Critical Support $14.5 Preparing For Its Next Move

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  • DOT token dwells near the $14.5 support giving multiple long wicks candles
  • The DOT/BTC pair was trading at 0.0005484 BTC with a gain of 6.67%
  • The 24 hr trading volume in DOT is $942.7 Million
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In the daily time frame, the DOT token is resting at the crucial support level of $14.5, which is the exact support level from which the price bounced from the May month’s fall. As this level coincides with the FIB level of 0.786, it is a crucial support level for DOT tokens and has the potential to reverse the price from here; also, if breached, it will provide a great short opportunity for DOT traders as the price can plunge till $10 mark. as the price can plunge till the $10 mark.

Regarding EMA’s, DOT token is trading below all the crucial EMA’s 20, 50, 100, and 200 indicating a strong bearish trend formation. In addition, investors can also see that the 50 and 200 EMA are on the verge of giving a death crossover, promoting further fall.

The RSI (BEARISH) value is at 35, indicating a bearish sentiment in the market participants.

DOT Token Crypto Chart In 4hr Time Frame  

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The 4hr time frame chart of the DOT token shows a clear view of this small consolidation in price; thus, investors can use this range breakout, providing great confirmation for taking an entry in the market.

The MACD indicator (BEARISH) shows the and the signal line are below the neutral(0.00) zone indicating bearish momentum. however, the two lines of the indicator are rising even in this sideways movement in price, suggesting a shift in the momentum

Conclusion: From the technical perspective, the price is taking a rest after this strong fall by consolidating in a small range. Investors can use this opportunity and take an entry when price gives a breakout from this range, which should confirm the market direction.

Support– $14.5

Resistance– $19.5