BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Is the Worst Over for DOT or More Pain to Come? (Polkadot Price Analysis)

Is the Worst Over for DOT or More Pain to Come? (Polkadot Price Analysis)
Polkadot’s price has been consolidating sideways near the critical resistance region around the $6.5 threshold. A slight bullish reversal might occur in the short term due to the potential heightened demand near this pivotal level.
Technical Analysis
By Shayan
The Daily Chart
The daily chart shows Polkadot’s bearish momentum faded after reaching the substantial support region of $6.5, an important level in recent months. This pivotal support is accompanied by substantial demand, which could potentially overcome the ongoing supply.
However, the price is trapped within a critical and decisive range, bounded by the $6.5 support and a multi-month dynamic descending trendline. As the range narrows, an imminent breakout will likely determine the price’s next move in the short term.
Source: TradingView
The 4-Hour Chart
On the 4-hour chart, Polkadot experienced a substantial increase in demand near the crucial $6.2 mark, leading to an impulsive surge toward the short-term local resistance of $6.8.
However, the price then faced selling pressure, resulting in a retrace. The $6.8 local resistance serves as the last supply zone before the initial breakout of the wedge pattern, and the recent rejection from this level indicates a valid pullback to the broken level, highlighting the ongoing bearish sentiment in the market.
Despite this, the price appears confined to $6.2 support and $6.8 resistance. A breakout from this range will likely clarify the upcoming price direction.
Source: TradingView
Sentiment Analysis
By Shayan
Polkadot’s price is currently fluctuating around the $6.5 level, and the Binance liquidation heatmap provides insights into this behavior. This price region appears to be filled with demand, having supported the price multiple times.
The heatmap reveals significant buy-stop orders and liquidity above the $7.3 mark. This makes it a potential target for buyers, especially if there is a bullish revival in the coming days.
Should the price reach this crucial range, it would likely act as a resistance, resulting in a struggle between buyers and sellers. This scenario could lead to heightened volatility and increased market activity.
Source: Coinglass
The post Is the Worst Over for DOT or More Pain to Come? (Polkadot Price Analysis) appeared first on CryptoPotato .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News