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Wednesday, February 15, 2023
HomeNewsPolkadot Displayed Bearish Engulfing Candlestick; Suggests Additional Downtrend

Polkadot Displayed Bearish Engulfing Candlestick; Suggests Additional Downtrend


Polkadot has been on a pointy decline during the last week because the broader market prolonged losses at press time.

Bitcoin nosedived to $28,000 and introduced a lack of 7% during the last 24 hours. All main altcoins have adopted the identical path registering losses on the each day chart.

Polkadot was buying and selling in a descending trendline, though, DOT tried to recuperate on charts. The restoration could be stalled if consumers don’t return to the market.

The worth of the altcoin was buying and selling near its rapid assist of $8.04.

DOT was final seen buying and selling round this worth final in July 2021. In the final 4 months, Polkadot displayed rangebound rallies.

The worth of DOT was sandwiched between $24 and $16 during the last 17 weeks. Although Polkadot staged a revival, it’s too early to conclude if the coin will proceed to maneuver northbound.

Polkadot Price Analysis: One Day Chart

Polkadot was priced at $10.64 on the at some point chart | Source: DOTUSD on TradingView

Polkadot was buying and selling at $10.64 on the time of writing. In the final 24 hours, DOT misplaced over 12% and prior to now week, the coin misplaced near 30% of its market worth.

Descending trendline depicts bearishness, though the coin was making an attempt to rise above the rapid resistance line of $10.80.

Moving above the $10.80 worth stage, the coin may goal $13.22. To invalidate the bearish thesis the coin has to commerce above the $14 worth stage.

The coin displayed a sequence of bearish engulfing candlesticks (inexperienced arrow) on the at some point chart.

The bearish engulfing candlesticks mark the onset of bearish worth motion and the continuation of the identical.

In case of a worth reversal, if the coin manages to remain above the $13.22 worth stage, then the opposite two resistance for DOT stands at $16.06 and $17.46, respectively.

The buying and selling quantity of the coin was seen within the inexperienced. This meant that the coin was displaying a change in worth course.

Technical Analysis

PolkadotPolkadot registered a fall in shopping for stress on the at some point chart | Source: DOTUSD on TradingView

Polkadot was oversold over the previous few days, nevertheless, the coin began to register a rise in shopping for energy.

The Relative Strength Index famous an uptick on the at some point chart. The RSI moved above the oversold zone as consumers began to enter the market.

Buying stress remained low out there because the coin’s worth was nonetheless pushed by sellers out there, regardless of the uptick. The Directional Movement Index depicts the worth momentum out there.

DMI was unfavourable on the chart because the -DI was above the +DI line which signified bearish worth motion.

Related Reading | XRP Flashed A Sign Of Revival; Where’s It Headed Next?

PolkadotPolkadot indicated bearish worth motion on the at some point chart| Source: DOTUSD on TradingView

Polkadot was making an attempt to recuperate on its chart as a result of the indications have mirrored that worth motion. Chaikin Money Flow portrays the capital outflows and inflows.

On the at some point chart, Chaikin Money Flow was seen registering an uptick that factors in the direction of enhance in capital inflows over outflows.

Awesome Oscillator signifies worth momentum of the market. The AO continued to flash pink histograms beneath the half line which meant that Polkadot was nonetheless on a unfavourable worth course.

Related Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?


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