1. BITBILIHome
  2. Article

Polkadot price analysis: DOT corrects after peaking at $5.54 amid a market drop

• 56 views

TL;DR Breakdown

  • Polkadot price analysis shows a bearish trend today.
  • Resistance for DOT/USD is present at $5.65.
  • Support for DOT/USD is present at $5.34.

The Polkadot price analysis is bearish today as the coin is correcting after marking a weekly high yesterday at $5.54. Yesterday, when the entire crypto market was bullish, DOT/USD also covered a range upward, and the price continued progressing till the end of the day. Selling pressure was observed At the start of today’s trading session, the coin declined from $5.45 to $5.47, and the coin has been moving sideways for the last few hours.

DOT/USD 1-day price chart: DOT faces rejection at $5.54

The 1-day price chart for Polkadot price analysis shows the price has declined today. DOT traded in a narrow range of $5.54 to $5.44 today and is trading hands at $5.47 at the time of writing. DOT/USD reports an increase in price value of 2.29 percent over the last 24 hours as it rallied high during the late hours yesterday, and DOT reports an increase of 4.08 percent in value over the past week. The trading volume has also increased by 17 percent.

dot1dooaPolkadot price analysis: DOT corrects after peaking at .54 amid a market drop
DOT/USD 1-day price chart. Source: TradingView

The volatility is low as the Bollinger bands have converged, and the price is trending near the upper limit of the Bollinger bands today. The upper band at the $5.50 level represents resistance for DOT, and the mean average line of the indicator at the $5.35 mark, represents a support zone for DOT. The relative strength index (RSI) shows a downward curve, hinting at the selling activity in the market as it trades at index 49.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Terra price analysis shows the price peaked at the end of the last trading session and reverted back at the start of the current trading session. The correction ended with a sideways price movement, which hints at bullish exhaustion and low selling pressure at this point.

dot4hlkaPolkadot price analysis: DOT corrects after peaking at .54 amid a market drop
DOT/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is also high, with the upper limit of the Bollinger bands at $5.52 representing resistance for the coin and the lower limit at the $5.12 mark. The average of the indicator represents support for DOT at the $5.35 mark. The RSI is on a  flattened slope at index 68, after stepping into the neutral range, but the coin is not in an overbought position here as the RSI is trading in the neutral zone.

Polkadot price analysis conclusion

The Polkadot price analysis suggests the coin is still in bullish form despite the price decrease, and it may start upside again after correcting for a few more hours today. If the correction continues, we can still expect it to float above $5.30 today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Polkadot price analysis: DOT corrects after peaking at $5.54 amid a market drop

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月1日 09:00
Next 2023年6月1日 12:44

Related articles

  • MetaMask takes user experience to new heights with cutting-edge upgrade

    TL;DR Breakdown MetaMask releases version 10.33 with a sleek and simplified interface for seamless Web3 service utilization. The new MetaMask wallet replaces the cluttered user interface with a single row, providing essential information at a glance. ConsenSys emphasizes security with improved safeguards and integration across various sites for user confidence in transaction authorization. Description MetaMask, the renowned decentralized and non-custodial wallet service, has unveiled the latest version of its application. With the highly anticipated release of version 10.33, MetaMask took to Twitter to announce its revamped wallet, showcasing a sleek and simplified interface aimed at making the utilization of Web3 services, including cryptocurrencies and digital wallets, a seamless experience. … Read more MetaMask, the renowned decentralized and non-custodial wallet service, has unveiled the latest version of its application. With the highly anticipated release of version 10.33, MetaMask took to Twitter to announce its revamped wallet, showcasing a sleek and simplified interface aimed at making the utilization of Web3 services, including cryptocurrencies and digital wallets, a seamless experience. 🦊MetaMask v10.33 is here! With a cleaner layout, more intuitive site connections, network…

    Article 2023年7月9日

  • Things are getting worse for China’s economy – Details

    TL;DR Breakdown China’s economy is struggling with no signs of a quick rebound. Major setbacks in the property market, potential developer defaults, and falling housing sales. Natural disasters, such as floods, have hindered economic activities, especially construction. Description China’s once-booming economy is facing a whirlwind of challenges, making a quick rebound look bleak. With issues cropping up from the real estate sector and the shadow of deflation looming large, the economic outlook is under a dark cloud. A Suffering Real Estate Sector and Natural Calamities China’s property market, a significant pillar of its … Read more China’s once-booming economy is facing a whirlwind of challenges, making a quick rebound look bleak. With issues cropping up from the real estate sector and the shadow of deflation looming large, the economic outlook is under a dark cloud. A Suffering Real Estate Sector and Natural Calamities China’s property market, a significant pillar of its economy, is not painting a pretty picture. With investors’ confidence being shaken by potential defaults from major developers and a consistent drop in housing sales, the outlook remains dim….

    Article 2023年8月13日

  • Hong Kong enlists HSBC, Visa, and more to test digital currency

    TL;DR Breakdown Hong Kong has begun testing a digital version of its currency, e-HKD, enlisting 16 firms, including HSBC, Bank of China Ltd., Alipay, and Visa for a pilot program. The trial focuses on exploring potential uses of the e-HKD in six key areas, including offline payments. Hong Kong has taken a step towards digital currency innovation with the launch of a pilot program to test an electronic version of the Hong Kong dollar, the e-HKD. The city has enlisted 16 firms, including banking giant HSBC Holdings Plc, the local branch of Bank of China Ltd., Alipay, a leading e-payment provider, and multinational financial corporation Visa Inc. This initiative underscores the metropolis’s increasing focus on cementing its reputation as a global fintech hub. Key players and prospective use cases The initiative draws upon a range of industry leaders in finance and technology. These entities have committed to investigating the viability and application of the e-HKD across various economic sectors. One of the key areas of interest is the possibility of using digital currency for offline payments, a move that could…

    Article 2023年5月20日

  • FTX administrators seek recovery of $71 million from its philanthropic and life science entities

    TL;DR Breakdown FTX administrators are seeking to recover over $71 million from the FTX Foundation and Latona life sciences fund, alleging that the funds were used for personal gain by Sam Bankman-Fried. The court documents argue that the donations made to life sciences companies were misrepresented as altruistic, but were actually intended to enhance Bankman-Fried’s reputation and influence. This move follows previous efforts by FTX and Alameda to reclaim funds, including the recovery of $700 million allegedly transferred to a former aide of Hillary Clinton and investment firm K5 Global. Description In a bid to recover funds for creditors, administrators overseeing the bankruptcy proceedings of crypto exchange FTX are pursuing the retrieval of over $71 million from the exchange’s philanthropic arm, the FTX Foundation, and Sam Bankman-Fried’s Latona life sciences fund. These entities had received investments totaling $71.5 million from FTX and Alameda Research, which were … Read more In a bid to recover funds for creditors, administrators overseeing the bankruptcy proceedings of crypto exchange FTX are pursuing the retrieval of over $71 million from the exchange’s philanthropic arm, the…

    Article 2023年7月21日

  • Has Ethereum fallen into the hands of a powerful ‘cartel’?

    TL;DR Breakdown Controversial reports point to the possibility of Ethereum being influenced by a group of powerful miners known as the “Ethereum Cartel.” The Ethereum Cartel allegedly controls a significant portion of the network’s mining power, potentially giving them the ability to manipulate transactions and prioritize their own interests. Critics argue that the concentration of mining power within the Ethereum Cartel threatens the decentralized nature of the network and undermines the principles of transparency and fairness. Ethereum proponents say that Ethereum 2.0’s switch from PoW to PoS consensus will reduce miners’ influence and promote decentralization. Is Ethereum under siege? The Ethereum ecosystem is embroiled in a controversy over the outsized impact one of its staking pools, Lido Finance (LDO), has on the network as a whole. Anthony Sassano, the proprietor of The Daily Gwei and independent Ethereum educator, is credited with sparking the centralization concerns with a tweet.  Ethereum faces controversial issues over centralization The current controversy encircling the Ethereum ecosystem concerns liquid staking derivatives or LSDs, and Lido Finance in particular. Many of my fellow Ethereans are going to…

    Article 2023年6月7日
TOP