DOT Clamping On $8 Support Crucial To Maintain Bullish Pace
August 01 2022 - 11:01PM
NEWSBTC
Can Polkadot (DOT) hold on to dear life as its price nosedived by
4% on the daily charts right after it peaked at $8.84? The $8
support line is seen as a critical zone for the coin, especially
with the prevailing seller pressure going on. DOT is seen to go
downhill or can plunge to $6 in the coming days. On the brighter
side, the token’s price is generally bullish as shown in the
extended increase which propelled its price to a high of $8.84 seen
yesterday. On the other hand, DOT is seen to have decreased by 4%
in price overnight. On July 26, 2022, its price formed an extended
ascending triangle pattern when the price plunged to a mere
$6.55.Cryp DOT Breaks Resistance At $8.5 Hereinafter, DOT has been
extremely bullish and breaking the resistance seen at $8.5 and as
it trades above $8.60. Support clamped at $8 is mission-critical
for Polkadot price, especially with imminent selling pressure. With
that in mind, any movement that swerves below this critical line
could trigger a worse downtrend that may result in a price decline
to $6.15. Major cryptocurrencies like Bitcoin and Ethereum also
suffered a massive drop in the past 24 hours. Bitcoin evidently
dipped by 3% or towards $23,700, while Ethereum plunged
dramatically to $1,700. With the altcoins, Ripple spiked by 3%
reaching $0.38, Cardano dropped to $0.52, Solana soared to $44.22,
while Dogecoin plunged by 3% and fell to $0.07. Can Crypto Maintain
Its Bullish Momentum? Based on the 24-hour chart, Polkadot’s price
is seen shooting for an uptrend that showed a price increase to
$8.84 seen yesterday. On the other hand, DOT price has experienced
volatility which prompted the price to move downwards. Still, the
DOT price has remained hovering over the critical 9 and 21-day
moving averages as well as the 50-day EMA that registers at
$7.80. More so, there is a huge potential for the price to
touch the resistance levels spotted initially at $9.20 and next at
$12.5. DOT RSI has also soared so much that it covered the
overbought zone spotted at 61.72 overnight, which may impact the
price in the next trading sessions. As a consequence, DOT trading
volume also dropped by 17% which implies reduced market valuation.
The Moving Average Convergence Divergence (MACD) is seen forming
seismic patterns of higher lows keeping a solid bullish divergence.
So, the next 24 hours is critical. DOT price should be able to
claim strongly with its $8 support because an inch below this level
can clearly invalidate the coin’s bullish streak that may send DOT
downhill with the next support spotted at $4.5. DOT total market
cap at $7.7 billion on the daily chart | Source: TradingView.com
Featured image from VOI, chart from TradingView.com
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