Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further Downtrend

Home » Polkadot Displayed Bearish Engulfing Candlestick; Suggests Further Downtrend


Polkadot has been on a pointy decline during the last week because the broader market prolonged losses at press time.

Bitcoin nosedived to $28,000 and introduced a lack of 7% during the last 24 hours. All main altcoins have adopted the identical path registering losses on the every day chart.

Polkadot was buying and selling in a descending trendline, though, DOT tried to get better on charts. The restoration might be stalled if patrons don’t return to the market.

The value of the altcoin was buying and selling near its rapid assist of $8.04.

DOT was final seen buying and selling round this worth final in July 2021. Within the final 4 months, Polkadot displayed rangebound rallies.

The value of DOT was sandwiched between $24 and $16 during the last 17 weeks. Though Polkadot staged a revival, it’s too early to conclude if the coin will proceed to maneuver northbound.

Polkadot Value Evaluation: One Day Chart

Polkadot was priced at $10.64 on the sooner or later chart | Source: DOTUSD on TradingView

Polkadot was buying and selling at $10.64 on the time of writing. Within the final 24 hours, DOT misplaced over 12% and previously week, the coin misplaced near 30% of its market worth.

Descending trendline depicts bearishness, regardless that the coin was making an attempt to rise above the rapid resistance line of $10.80.

Shifting above the $10.80 worth stage, the coin might goal $13.22. To invalidate the bearish thesis the coin has to commerce above the $14 worth stage.

The coin displayed a collection of bearish engulfing candlesticks (inexperienced arrow) on the sooner or later chart.

The bearish engulfing candlesticks mark the onset of bearish worth motion and the continuation of the identical.

In case of a worth reversal, if the coin manages to remain above the $13.22 worth stage, then the opposite two resistance for DOT stands at $16.06 and $17.46, respectively.

The buying and selling quantity of the coin was seen within the inexperienced. This meant that the coin was displaying a change in worth path.

Technical Evaluation

Polkadot
Polkadot registered a fall in shopping for stress on the sooner or later chart | Source: DOTUSD on TradingView

Polkadot was oversold over the previous few days, nonetheless, the coin began to register a rise in shopping for energy.

The Relative Power Index famous an uptick on the sooner or later chart. The RSI moved above the oversold zone as patrons began to enter the market.

Shopping for stress remained low out there because the coin’s worth was nonetheless pushed by sellers out there, regardless of the uptick. The Directional Motion Index depicts the value momentum out there.

DMI was detrimental on the chart because the -DI was above the +DI line which signified bearish worth motion.

Associated Studying | XRP Flashed A Sign Of Revival; Where’s It Headed Next?

Polkadot
Polkadot indicated bearish worth motion on the sooner or later chart| Source: DOTUSD on TradingView

Polkadot was attempting to get better on its chart as a result of the symptoms have mirrored that worth motion. Chaikin Cash Stream portrays the capital outflows and inflows.

On the sooner or later chart, Chaikin Cash Stream was seen registering an uptick that factors in the direction of enhance in capital inflows over outflows.

Superior Oscillator signifies worth momentum of the market. The AO continued to flash crimson histograms beneath the half line which meant that Polkadot was nonetheless on a detrimental worth path.

Associated Studying | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?



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