Polkadot Price Analysis: DOT Remains Pressured Below $9.0; Time To Buy?

Polkadot Coin e1650349565625

Published 31 mins ago

The Polkadot price analysis indicates profit booking at a higher level. However, the correction from the higher levels was due following from an extended uprend that took price to $9.20. DOT has lost over 5% in price since then over the past hours. Price has been trading along the asecendign trend line.

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  • Polkadot price started the week on a lower note as selling emrges near higher levles.
  • A strong support is playing around $8.10 level acting as double bottom.
  • On the daily chart, DOT is transacting above the 50-day EMA, which suggests underlying bullish senitment.

DOT price trades sideways

DOTUSD Daily 4
Source: Trading view

DOT price gave a good rally in the  previous week, with an upmove of more than 40%, but faces rejection near the higher level around $9.0, which is also a resistance level. The price is trading in a “Channel pattern”. On July 31, the DOT price tries to break the channel resistance on the higher side but failed to do so, by giving rejection at $9.17.

The resistance level coincies with the highs of June 14, thus, facing resistance that was earlier acted as support. The Polkadot price analysis shows  that DOT’s price faces a strong resistance hurdle from $8.7 to $9.17.

DOTUSD 2Hourly
Source: Trading view

On the hourly time frame, the price is making higher highs and higher lows, indicating bullishness. However, a possible reversal from the higher side, confirmed by below-average volumes concerns the DOT buyers at at least in the short term.

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The momentum osciallotrs, MACD and RSI are also showing weakness, indicating a possible reversal below $8.15.

If the price fell below $8.15 on the daily basis, then we can expect a fall of around $7.5. 

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On the other hand,  the emergence of buying pressure from the support level could result in an acceptance above $8.72. In that case we can expect a good momentum on the higher side. The first upside target would be the previous session’s high of $9.20 followed by $9.90.

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Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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