Descending Triangle Forms on DOT/USDT Weekly Chart

The price of Polkadot (DOT) is $15.12 at the time of writing, according to CoinMarketCap. The current price of DOT has lowered 2.07% in the last 24 hours, and is down 15.56% in the last 7 days. DOT’s price has also weakened against Bitcoin (BTC) and Ethereum (ETH). As charts show at the moment, 1 DOT is worth 0.0003933 BTC and 0.005329 ETH.

The current market cap for DOT is $14,924,962,409, ranking it number #14 on CoinMarketCap’s list of biggest crypto market caps. Also, the 24-hour trading volume for DOT has risen 6.09% in the last 24 hours with $650,995,037 of trading volume in the last day.

A descending triangle is beginning to form on the DOT/USDT weekly chart, which may indicate that the price of DOT will continue to fall. Other confirmations that the price may fall is the current bearish cycle that DOT has entered into looking at the weekly chart as the 15 EMA has crossed below the 50 EMA.

Meanwhile, the Relative Strength Index (RSI) 14 for DOT on the weekly chart is 39.62 and has dipped below the 14 SMA. This suggests that DOT may enter into oversold territory.

One thing that could confirm a bearish breakout for DOT is if it breaks past the $15 mark, which, as can be seen from the chart above, has been a key resistance level for DOT/USDT. Should the price of DOT break out of the descending triangle, then we could see the price drop to $11 or $12.