Sunday, May 19, 2024

DOT finds assist at $6.50, can the bulls defend the extent? – Cryptopolitan


TL;DR Breakdown

  • Polkadot value evaluation suggests sideways motion earlier than restoration to $7.0
  • The closest assist stage lies at $6.500
  • DOT faces resistance on the $6.800 mark

The Polkadot value evaluation exhibits that the DOT value motion has discovered assist on the $6.500 mark after crumbling from the $7.50 mark. Nevertheless, the worth motion nonetheless faces robust resistance on the stage.

The broader cryptocurrency market noticed a bearish market sentiment over the past 24 hours as most main cryptocurrencies recorded combined value actions. Main gamers embody STX and NEO recording a 12.55 and a 8.06 % decline, respectively.

Polkadot value evaluation: DOT finds assist at $6.500

image 509
Technical indicators for DOT/USDT by Tradingview

The MACD is at the moment bearish, as expressed within the purple color of the histogram. Then again, the indicator exhibits low bearish momentum as expressed within the shallow depth of the indicator. Furthermore, the lighter shade of the indicator suggests an growing bullish exercise as the worth finds assist on the $6.500 marks.

The EMAs are at the moment buying and selling very near the imply place as web value motion over the past ten days stays low. At present, the EMAs are buying and selling shut to one another exhibiting low momentum at press time. Then again, the converging EMAs recommend a slowly declining bullish momentum.

The RSI was quickly shifting downards as the worth fell from the $7.500 mark in direction of the $6.500 mark, however began to stabilize as the worth discovered assist on the stage. At press time, the indicator trades close to the oversold stage at 35.79 index unit stage as the worth suggests low web momentum with a delicate slope suggesting battle between bears and bulls on the present stage.

The Bollinger Bands are at the moment large as the worth motion noticed excessive volatility throughout the short-term charts. Furthermore, as the worth motion trades near the underside restrict of the indicator, suggesting additional divergence throughout the timeframe. The indicator’s backside line offers assist on the $6.269 mark whereas the imply line presents a resistance stage on the $6.808 mark. 

Technical analyses for DOT/USDT

Total, the 4-hour Polkadot value evaluation points a promote sign, with 12 of the 26 main technical indicators supporting the bears. Then again, solely 4 of the indications assist the bulls exhibiting low bullish presence in latest hours. On the similar time, ten indicators sit on the fence and assist neither facet of the market.

The 24-hour Polkadot value evaluation shares this sentiment and in addition points a promote sign with 10 indicators suggesting a downwards motion in opposition to seven suggesting an upwards motion. The evaluation exhibits bullish dominance throughout the mid-term charts with robust bearish resistance persisting. In the meantime, the remaining 9 indicators stay impartial and don’t challenge any indicators at press time.

What to anticipate from Polkadot value evaluation?

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4-hour value chart by Tradingview

The Polkadot value evaluation exhibits that the Polkadot market is having fun with a powerful bullish rally as the worth rose from $4.30 to the $7.80 mark within the final 50 days. Nevertheless, the worth motion noticed a pointy crash on the stage inflicting the worth to drop again to $6.50 mark the place it trades at press time.  

Merchants ought to count on DOT to watch sideways motion on the present value stage earlier than the worth motion strikes again in direction of the $7.00 mark. Nevertheless, the bulls have to defend the $6.500 assist stage for the subsequent three days to proceed the bullish sentiment. Then again, motion beneath the $6.500 mark would end in a drop to $6.00 the place the subsequent robust assist stage lies.

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