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Polkadot Price Analysis: DOT is below the $10 conceptual round level, what should be the next move?

Analytics

www.thecoinrepublic.com 09 June 2022 22:12, UTC
  
Reading time: ~2 m

  • DOT price remained well below the psychological round level of $10 during the downtrend.
  • The 20-day exponential moving average appears to be an important resistance level for DOT investors in the context of the daily price chart.
  • During the low liquidations, traders saw its trading volume drop by about 20% compared to the previous night.

Polkadot price is trading near an important resistance level of the downsloping trendline. However, the DOT coin has been consolidating between the $10.6 mark to $9.5 for over a month.

Since May, DOT price action is forming a low-high in the context of the daily price chart. Now the bears are trying to leave the 6-month low of $7.3 mark. The bulls may accumulate the altcoin price near the DOT lows.

Source: DOT/USDT by Tradingview 

Now Polkadot is trading at the $9.2 mark at the time of publication. There is now a near-term resistance in the psychological round of $10 for DOT speculators. Meanwhile, DOT is down 1.2% this week.

Despite a 1.6% gain over the past 24 hours, DOT’s market cap fell below $10 billion according to the CMC. Moreover, the price of the Polkadot and Bitcoin pair is trading at 0.000303 satoshis, which is a little over 1.7% higher.

The daily volume bars remain below the average moving line (blue) on the daily price scale. During the low liquidations, traders saw its trading volume drop by about 20% compared to the previous night.

RSI shows sideways trend for DOT

Source: DOT/USDT by Tradingview 

The 20-day exponential moving average appears to be an important resistance level for DOT investors in the context of the daily price chart. The bulls need to reclaim this area for more bullish momentum.

However, the daily RSI indicator appears to be flat below the half-line (50-mark) since recording an annual low.

Conclusion

However, buyers will have to accumulate more buying power to push the price of Polkadot above it. But the bulls may pull back near the $10 conceptual round.

Resistance level- $10 and $14

Support level- $9.0 and $7.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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