Polkadot is an open-source protocol for high scalability, innovation, and advanced security. It is also a fork-resistant blockchain network with data availability and validity capabilities. It is a <a href="https://www.cryptoknowmics.com/news/a-complete-guide-to-the-proof-of-stake-in-blockchain/">Proof-of-Stake network</a> that allows users to add para-chains by bonding tokens. DOT is the prime governance token of this ecosystem. Let us look at the technical analysis for DOT.
<h2><b>Past Performance</b></h2>
On Jul 23, 2021, DOT opened at $13.17. On Jul 29, 2021, DOT closed at $15.24. Thus, <a href="https://www.cryptoknowmics.com/news/dot-technical-analysis-price-may-soon-fall-below-the-fibonacci-pivot-point-of-1285/">in the past week</a>, the DOT price has increased by roughly 16%. In the last 24 hours, DOT has traded between $14.40-$15.57.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/s/sEguOGcK.png" alt="https://s3.tradingview.com/snapshots/s/sEguOGcK.png" width="1359" height="643" />

<a href="https://s3.tradingview.com/snapshots/s/sEguOGcK.png">https://s3.tradingview.com/snapshots/s/sEguOGcK.png</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
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Currently, DOT is trading at $15.39. The price has increased from the day’s opening price of $15.24. Thus, the market seems bullish.

The <strong>MACD and signal lines</strong> are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the <strong>RSI indicator</strong> is at 32%. It faced rejection at 35% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the DOT price.

Besides, the<strong> OBV indicator</strong> has started falling steadily. Thus, selling volumes are higher than buying volumes. Hence, the price may go down further. In short, all three oscillators have given bearish signals.
<h2>DOT Technical Analysis</h2>
Currently, the price is above the <strong>Fibonacci pivot point</strong> of $15.07. The price may soon fall below it and further below the <strong>first Fibonacci pivot support level</strong> of $14.62. By day end, the price may fall below the subsequent support levels of $14.35 and $13.90 as well.

The price has tested and risen above the <strong>23.6% FIB retracement level</strong> of $15.29. It may soon fall below it and further below the <strong>38.2% FIB retracement level</strong> of $15.12. Thus, as of now, the bears seem strong. Thus, we can expect the price downtrend to continue tomorrow as well.

DOT Technical Analysis: Watch Out for the Support Levels of $14.35 and $13.90

DOT tested and risen above the 23.6% FIB retracement level of $15.29. It may soon fall below it and further below the 38.2% FIB retracement level of $15.12. Thus, as of now, the bears seem strong. Thus, we can expect the price downtrend to continue tomorrow as well.

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.

DOT Technical Analysis: Watch Out for the Support Levels of $14.35 and $13.90

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