Tuesday, March 5, 2024

Bearish momentum pushes DOT all the way down to $6.07 – Cryptopolitan


The current Polkdot value evaluation for right this moment reveals bearish momentum driving it downwards. The DOT/USD is 3.71% down because the early buying and selling to $6.33 and is at present at $6.07. The bearish stress has pushed the worth beneath the resistance degree of $6.37, which was the earlier excessive. Nevertheless, there’s nonetheless assist on the $5.87 degree.

The low buying and selling quantity, nonetheless, means that the costs could not transfer a lot within the close to future except there’s a vital sentiment shift or an necessary information replace. Presently, the buying and selling quantity is at present at $290 million, which is down from the day before today. Trying on the market cap for cryptocurrency is at $7.04 billion, with a lower of three.26%.

The a lot of the cryptocurrencies right this moment are buying and selling in purple, with Bitcoin and Ethereum each being down -4% and -.3.68 p.c, respectively. This may be attributed to the market-wide sell-off that has been current available in the market for the previous few days.

Trying on the 4-hour chart, Polkadot value evaluation is forming a bearish flag sample. The downward development has been in play for a lot of the day, and this sample is additional affirmation of the short-term bearish development. The value must be pushed above $6.20 to ensure that merchants to get a sign {that a} reversal could also be underway.

image 75
DOT/USD 4-hour value chart. Supply: TradingView

The DOT/USD is buying and selling beneath the shifting common (MA) line, indicating a bearish development. The shifting common is at $6.13 in the mean time, however the value is buying and selling a lot decrease. The SMA 20 line and 50 strains are additionally buying and selling beneath the present value, confirming the downward development. The shifting common converges divergence (MACD)indicator has shifted into the bearish zone, exhibiting that promoting momentum is robust available in the market. The RSI curve has additionally dipped beneath 50 and is at present at 28.18, which additional confirms that bears are dominating the market.

DOT/USD 24-hour value chart: Promoting stress remains to be robust at $6.07

The 24-hour chart for Polkadot value evaluation reveals robust promoting stress on the $6.07 degree. The value has been hovering close to this degree for a lot of the day and is but to make a big transfer in both route. The resistance ranges on this chart are at $6.20, and the assist ranges are at $5.87, and if both of those ranges is breached, then the worth might begin to transfer in that route.

image 74
DOT/USD 1-day value chart. Supply: TradingView

The 50-day and 200-day shifting averages have each crossed over the present value, indicating a bearish development within the brief time period. The MACD indicator is at present within the bearish zone because the MACD line has crossed beneath the sign line. The histogram bars have additionally turned purple as increasingly merchants are choosing brief positions. The RSI worth stands at 40.40, indicating that the promoting stress remains to be robust available in the market.

Polkadot value evaluation conclusion

Total, Polkadot value evaluation reveals a bearish development within the close to time period with no signal of a reversal but. The assist ranges at $5.87 will probably be examined, and if that degree is breached, then the worth might dive even additional. The bulls and bears are in a decent contest, with bearish momentum at present dominating. The promoting stress is at present robust, and will probably be attention-grabbing to see if the bulls could make a comeback within the coming days.

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