Is it possible for Polkadot to hold onto its dear life after the price of $8.84 plummeted by 4% in daily charts? With the current seller pressure, the $8 support level is seen to be a crucial zone for the coin.
The price of DOT could fall to $5 or plunge to $6 within the next few days. On the brighter side, the token’s price is generally bullish as shown in the extended increase which propelled its price to a high of $8.84 seen yesterday.
However, the price of DOT has dropped by 4% overnight. The price of DOT plunged to just $6.55, on July 26, 2022.
DOT Strikes At $8.5
DOT is now extremely bullish, breaking through resistance at $8.5 and trading above $8.60.
With the imminent selling pressure, Polkadot’s price is dependent on support at $8. Keep in mind that any price movement below $8 could lead to an even worse downtrend and possibly a drop of $6.15.
In the last 24 hours, major cryptocurrencies such as Bitcoin and Ethereum suffered massive drops. Bitcoin fell by 33% to $23,700 while Ethereum dropped dramatically to $1700. Ripple surged by 33%, reaching $0.38; Cardano plummeted to $0.52; Solana rose to $44.22 while Dogecoin fell by 3%, falling to $0.07.
Crypto can it maintain its bullish momentum?
Based on the 24-hour chart, Polkadot’s price is seen shooting for an uptrend that showed a price increase to $8.84 seen yesterday. The DOT price, on the other hand has seen volatility and the price moved downwards.
Even so, the DOT prices have remained above critical levels of the 9 and 21-day moving EMAs. The 50-day EMA registers at $7.80. Even more, the price has the potential to reach resistance levels at $9.20 initially and $12.5 next.
The DOT RSI rose so high that it covered the overnight overbought zone at 61.72, which could impact the market’s price during the next trading session. Consequently, DOT trading volume fell by 17%. This implies a lower market valuation.
Moving Average Convergence Divergence is an indicator that seismic patterns are formed at higher lows, indicating a strong bullish divergence.
The next 24 hours are crucial. DOT price should be able to claim strongly with its $8 support because an inch below this level can clearly invalidate the coin’s bullish streak that may send DOT downhill with the next support spotted at $4.5.
Source: TradingView.com| Source: TradingView.com Featured Image from TradingView.com. Chart from TradingView.com.