The price of the Polkadot (“DOT”) price analysis shows that it is dropping to $7.55. This suggests that there are still bearish trends.
- Polkadot analysis has revealed a declining trend
- The DOT/USD sought support for $7.49
- DOT/USD is encountering resistance at $7.74
Polkadot traded at $7.74 before Polkadot sought support at $7.49.
The price of USD/DOT is currently at $7.74. However, if it falls below $7.49 it could find support at $7.32. $7.505 and $7.5 It might be eligible for support if it falls below $7.05.
Polkadot may feel selling pressure at these levels. However, if the price is above $7.49 it could start to attract some buyers.
The fact that DOT maintains a large number of parachains to support its web goals, has made it more relevant in the cryptocurrency market.
Coingecko data shows that DOT trades at $6.93. This is a 5.5% decrease over the past seven days.
Santiment data shows that after August 20, DOT’s development activities spiked dramatically. However, its price has fallen by 11.31 per cent over the last week.
Polkadot Announces Deployment Of New Parachains
Polkadot’s multichain network proved that it isn’t quite as restricted as some people thought. Polkadot has recently revealed the deployment of several new blockchains in conjunction with ParityTech.
According to the declaration, new parachains are planned for organization. These parachains will enable the Polkadot community to manage its affairs without needing approval from any outside party.
Has DOT’s position improved as a result?
While the short-term outlook is negative for the USD/DOT market, it could be broken from its current consolidation range and the market will move to the $8.00 level very soon.
This indicates that the MACD indicator, currently located in a bearish area, is above the candlesticks.
The RSI indicator of the DOT/USD for 47.75 is nearing oversold territory. This suggests that bulls could soon make a comeback.
The market is in consolidation mode as the Bollinger Band, which is the higher Bollinger Band at $8.19, and the Bollinger Band that is the lower at $7.51 are both at the moment.
Bearish streak continues for DOT/USD
Price chart for DOT/USD 4 hours: Expected decline in prices.
The DOT Price Research 4-hour price chart shows that the market is in a bearish trend for the last four hours.
The market had attempted to move toward $8.00, but the price was quickly rejected around $7.85.
Chart: TradingView.com
The market is consolidating at the moment, but if it breaks out of its current range it could soon move in either direction: towards $8.00 or $7.32.
The likelihood that DOT would surpass its present levels increased as long as the buyer’s momentum maintained its advantage over the seller scenario.
The Polkadot network’s current parachains appear to be at their best, despite the lack of obvious rally indicators. These performances, according to PolkadotInsider, have attracted investors’ attention.
This information can help investors to see that DOT might be experiencing greater interest and momentum.
The weekend chart shows the DOT market cap total at $7.63Billion | Source: TradingView.com Featured image taken from Money24H. Chart from TradingView.com