DOT in a Bear Run,May Drop Below $30-Technical Analysis
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DOT in a Bear Run,May Drop Below $30-Technical Analysis

March 16, 2021      Ankita Awasthi

Polkadot (DOT) is a robust blockchain network that uses a common set of validators for higher security, scalability, and research. The crypto investment fund FD7 Ventures recently made an announcement regarding the opening of their office in Bangalore, India.

Past Performance

On March 9, 2021, DOT started trading at $34.93. As of March 15, 2021, the closing price of DOT was $34.30. Thus, the DOT price has experienced a slight decline over the past week. In the last 24 hours, DOT has been trading between $32.07 – $38.52.

It has registered a net outflow of $63.60 million in the past one day.

DOT Price Analysis

https://www.tradingview.com/x/CWm961YL

Day-Ahead and Tomorrow

Currently, DOT is trading at $33.01. The price has dropped from the opening price of $34.29. Thus, the market looks bearish.

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The OBV indicator has steeply fallen in the past 24 hours. Thus, selling pressures are high. Heavy offloading activity in the DOT market will exert downward pressure on the DOT price. Hence, we can expect the price to dip further.

The MACD and signal lines are in the negative territory. Thus, the market momentum is bearish. However, a bullish crossover by the MACD line over the signal line implies an intermittent price rise. Thus, there will be temporary price increases amidst an overall bearish trend. This is a part and parcel of the market price correction process.

Presently, the RSI indicator is at 44%. In the past half an hour, it has faced rejection twice at 50%. Thus, sell-offs are high. Hence, the DOT price will fall further.

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DOT Price Analysis

Currently, the price is below the Fibonacci pivot point of $34.96. It is inching closer to the first support level of $32.50 and may soon fall below it. If the bears grip the market throughout the day, the price is likely to fall below the subsequent support levels of $30.97 and $28.51 respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $33.59. By the end of the day, it may fall below the 23.6% FIB extension level of $30.55 as well. In that case, we can expect the bear-run to continue for the next couple of days.

#DOT #Polkadot
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.