The Polkadot price prediction could break below the $6.5 support if the price fails to cross above the moving averages.
Polkadot Prediction Statistics Data:
- Polkadot price now – $6.6
- Polkadot market cap – $6.6 billion
- Polkadot circulating supply – 987.5 million
- Polkadot total supply – 1.1 million
- Polkadot Coinmarketcap ranking – #12
Resistance levels: $10, $11, $12
Support levels: $5, $4, $3
DOT/USD keeps moving below the 9-day and 21-day moving averages as the coin trades at $6.67 due to the renewed bearish momentum emanating from the rejection around $6.86. However, the Polkadot price is currently trading with a 2.10% loss, and the coin may create more downtrends.
Polkadot Price Prediction: Polkadot Price Could Follow Downward Movement
The Polkadot price may continue to consolidate in a flag formation as the coin heads toward the south. Nonetheless, the daily breakdown reveals that DOT/USD could delay its uptrend if the 9-day MA could not cross above the 21-day MA. Meanwhile, if the support level of $6.5 gets weak, a price break-down may occur and the bears may find new lows at $5, $4, and $3 support levels.
On the other hand, any bullish movement above the 9-day and 21-day moving averages may push the market to the nearest resistance level of $8 before touching the potential resistance levels at $10, $11, and $12. At the time of writing, the technical indicator Relative Strength Index (14) is moving below the 40-level, suggesting additional bearish signals in the market.
When compared with Bitcoin, the recent sideways movement in the market is due to the price stability in the market and what the traders need to note here is that the market is preparing to change the trend and a short-term bearish breakout is most likely to play out because the technical indicator Relative Strength Index (14) is likely to cross below 50-level and this could find the nearest support level at 3000 SAT and below.
However, the only condition for the resumption of the bullish trend is if the 3400 SAT can provide support for the market, then the price may be able to cross above the 9-day and 21-day moving averages before touching the resistance level of 4300 SAT and above. Meanwhile, the Polkadot price may continue to follow the sideways movement if the signal line of the technical indicator Relative Strength Index (14) moves in the same direction.
eToro – Our Recommended Crypto Wallet
- Exchange Wallet for 120+ Cryptocurrencies, Trade In-Wallet
- Automatic Staking of ETH, ADA or TRX in your Wallet
- Regulated by FCA, ASIC and CySEC – Millions of Users
- Unlosable Private Key – Secure eToro Recovery Service
68% of retail investor accounts lose money when trading CFDs with this provider.
Credit: Source link