Polkadot

Coin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/polkadot-price-analysis-struggling-to-stay-afloat-5-dot-price-haunts-a-15-drop/">Polkadot Price Analysis: Struggling To Stay Afloat $5, DOT Price Haunts A 15% Drop!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Maintaining a declining trend in the daily chart, DOT Coin price forms a descending triangle pattern. After struggling to exceed the $7.55 resistance level, DOT prices currently trade at a 33% discount from the previous swing high.&nbsp; 
Moreover, the price action forms a consolidation phase between $5 and $5.53 Over the past month and traps the trend momentum. Currently, the DOT coin price displays low price rejection with a 0.59% fall in the daily candle. 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/Tz6y70fIqWXIg2MdSHlEszU9sJKRpMzQSnsJuqYKNMcElf5Xm_6h6dmVdNix4jwAPWLUHnYpP-JoktConq90pYvZi4IrROz7qmcjDXKOGs-GJW9xiq0mvX0QxGxy7o5KmBm9WKSiWqZ5ACb2tV1abdM" alt=""> 
</figure> 
With lower price rejection, DOT prices project a bullish struggle to sustain above the $5 mark. If the <a href="https://coinpedia.org/price-prediction/polkadot-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Polkadot coin price</a> manages to float above $5, a bullish cycle might rechallenge the $5.53 resistance level. The $5.53 coincides with the 61.80% Fibonacci level making it a strong horizontal level. 
However, on the opposite end, closing below the $4.90 can lead DOT prices to a 15% off to $4.30 support level.&nbsp; 
Regarding the technical indicators, the stochastic indicator displays a double bottom formation in the oversold territory, projecting a potential recovery in motion.&nbsp; 
However, the RSI indicator is declining from the halfway line toward the oversold territory.&nbsp; 
Therefore, the technical indicators display a strong bearish influence over the DOT price trend. 
In a nutshell, the DOT price can reach $4.30 with a range fallout and a closing below $5. Optimistically, the 15% drop to $4.30 will provide a buying opportunity for long-term Polkadot investors.

Polkadot Price Analysis: Struggling To Stay Afloat $5, DOT Price Haunts A 15% Drop!

CoinPedia News

Other articles published on Aug 1, 2023

Terra Luna Classic Community Favors To Burn 800 Million Tokens, LUNC And USTC To $1?

"Spend $1000 Or Lose Your Checkmark"- Elon Musk To X Advertisers

L2 Base’s BALD Annuls Liquidity, Analysts Attribute it to SBF

Crypto Beginners Top Cryptocurrencies Picks – Pepe, Floki and Pomerdoge

Shiba Inu: How Much Can You Make If SHIB Deletes Two Zeroes?

Bone Shibaswap (BONE) Price Prediction 2024, 2025, 2026-2030

Join our free newsletter for daily crypto updates!