1 The Polkadot (DOT) price is moving near $5.29, observing a change of -6.69% in the 24-hour trading volume. 2 The price observed a rise of 1.90% in the last 24 hours. Polkadot price prediction suggests that the DOT token is presently moving in the supply zone of the market struc...
- 1 The Polkadot (DOT) price is moving near $5.29, observing a change of -6.69% in the 24-hour trading volume.
- 2 The price observed a rise of 1.90% in the last 24 hours.
Polkadot price prediction suggests that the DOT token is presently moving in the supply zone of the market structure. The price of the Polkadot token is trading below key EMAs, and it will require significant support from the buyers to break above its long-term critical resistance levels. However, the overall market structure indicates that DOT price is more likely to see a decline in value within a relatively short period of time.
A Decline in Investor Sentiments
The overall parameters are bullish in the LunarCrush platform. The buyer’s interest in the Polkadot token across most of the social media platforms is bullish as per the total social engagement metrics provided.
The total social engagement surged by 938% in the last few weeks. There is an increase in the bullish sentiments of the investors by about 742.6%.
Market Sentiment is Stagnant
The market sentiment for DOT is in the neutral zone and no major movement has been observed in the index for a brief period. The current value of market sentiment is 51 points, according to the Fear and Greed Index. A fall of 8 points was observed since last month.
Polkadot Price Prediction: Technical Analysis of DOT Price On Daily Chart
For a long time, the Polkadot price has been trading under the crucial EMAs. It attempted multiple times to make a positive breakout though it was proven futile when the sellers took control of the Polkadot price after a rejection from 200 EMA.
The RSI line has been consolidating near the median line, moving within a narrow range for the past few weeks following the price action. The current value of the RSI line is 51.97 points; the 14 SMA is giving resistance at 53.46 points. If it becomes successful in crossing below the 14 SMA, the price may see a further decline shortly.
The Stochastic RSI is providing a bullish interception near the demand zone. The %K line may provide a positive crossover to the %D line. The current value of stochastic RSI is at 16.14 points.
Technical levels
Support –$4.00 to $3.50
Resistance – $6.00
Conclusion
The majority of technical indicators present a pessimistic outlook regarding the near future. Breaking past its recent barriers in Polkadot price may prove to be slightly challenging for the bulls in the near future
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.