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Investors Who Have Recently Purchased Polkadot Might Have Fallen For A Bull Trap, Crypto Analyst Suzuki Shillsalot

Investors Who Have Recently Purchased Polkadot Might Have Fallen For A Bull Trap, Crypto Analyst Suzuki Shillsalot
Crypto veteran Suzuki Shillsalot has recently discussed Polkadot (DOT) and suggested DOT may have shown some short-term bullish spirit and attracted fresh investors, but the daily chart says otherwise.




In the most recent news , Polkadot was the token with the highest level of social activity within the Polkadot ecosystem. This positive development demonstrated DOT’s popularity in the crypto community.





However, despite the positive update, things still didn’t appear to be in DOT’s favor. DOT suffered over 3% loss over the previous seven days, according to CoinMarketCap.





The stochastic for DOT was oversold, which was a strong bullish indication. Furthermore, Santiment’s chart showed a different picture even though DOT dominated the list of blockchains based on its development activity.





According to DOT’s daily chart, the situation might worsen since several market indicators pointed to a price decline in the ensuing days. For instance, the RSI downtick is indicating an upcoming bearish move.





The likelihood of a price decline was further increased by the On-Balance Volume (OBV), which took a similar path. The Ribbon of Exponential Moving Average (EMA) demonstrated a similar theme. “Therefore, investors should exercise caution before betting on Polkadot in the coming days,” he added.




See Related: Polkadot (DOT) Price Prediction After Genesis Global Capital Paused Withdrawals



Suzuki Shillsalot demonstrates the current momentum and the upcoming market bias of Polkadot. Source: AMBCrypto/CryptoNews The post Investors Who Have Recently Purchased Polkadot Might Have Fallen For A Bull Trap, Crypto Analyst Suzuki Shillsalot appeared first on The Distributed .

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