Bitcoin Cash (BCH) is the world’s second fastest growing cryptocurrency after Bitcoin (BTC). BCH is about to be added to the list of the best performing cryptos on May 15, as it is scheduled to break the support level of US$18 on Bitfinex and continue its growth after this.
At the bottom of the dip, DOT has lost a little over 13% of its value, but the $15 resistance line is still intact. This may mean that there is a temporary low point, and that the price will rebound shortly. However, it also possible that DOT will continue to decline to the $18 support line. ***Disclaimer: This is a very long post to be published, and it is also very long to read. If you are not interested in reading a detailed analysis of DOT, then please do not read this post. Note that these are my personal opinions and opinion does not imply a recommendation to buy or sell DOT. 1.Introduction Many of you might be wondering why I am writing about the DigitalNote cryptocurrency
DOT, which is short for DogeCoin, is a new cryptocurrency with a technology focus. The coin just recently saw a lot of interest when it was introduced and as a result, its price rocketed to a current all-time high of $15.67. Despite the rapid increase in price, DOT is still a relatively new coin that is not widely used, even though it was created with the goal of being a digital currency that can be used for anything from online shopping to paying for bills and making donations.
TL;DR Summary
- The DOT/USD trading pair is anticipated to continue rising until it reaches the $19 barrier level.
- The DOT/USD exchange rate varied between $17.55 and $18.88.
- DOT is now trading at $18.12 per share.
Price Analysis of Polkadots: A Price Analysis of Polkadots in General
The DOT/USD trading pair is expected to push upwards until the $19 resistance. If it falls back, then there will be another opportunity for upward momentum in the coming hours across the 24-hour chart. The coin has formed a Head and Shoulder pattern in the 1H, with the highest peak touching $18.60. There are 3 peaks to the H&S pattern which are smaller than the middle one. Furthermore, on to the 1-hour chart, the price is slopping downwards from $18.5 and could break out into the $17.8 region at any time.
Overall, there are conflicting indications in the bitcoin market. Market leaders Bitcoin and Ethereum are seeing some minor dips. Polkadot, Ripple, and Dogecoin are each down 6.90, 3.20, and 3.97 percent. Although the daily Polkadot price analysis is negative, bulls are trying to drive the trend higher and reverse current flaws.
The price of polkadot has fluctuated somewhat in the past 24 hours.
Due to moderate volatility over the daily chart, traders think near-term sessions will not exhibit major price changes. Despite these modest advances, it’s tough to draw a positive conclusion from these small gains. Buyers, on the other hand, are aiming to reverse the losses and maintain enough momentum to support a short/medium-term rise.
TradingView is the source of this information.
The DOT/USD exchange rate varied between $17.55 and $18.88. (mild volatility). The currency performed in the top nine cryptocurrencies in terms of total market capitalization with $17 billion, with a decreasing trading volume of 32.21 percent totaling approximately $1.8 billion.
4-hour chart of DOT/USD: DOT Bears
Prices are refusing additional upward action on the 4-hour chart, as bears ready to smash lower. The market’s dropping pricing may be linked to lower trading volumes after the weekend.
Since Friday, Polkadot (DOT) has been trading in a strong upward trend. The rise was robust, reversing the sharp drop seen earlier this month, when Polkadot reached the $10.5 level. The bulls, on the other hand, were able to break over the $15 price barrier.
Polkadot has used this $15 mark as a solid support level, allowing it to maintain its upward trend and retest that level earlier this week. It’s an important point since it often serves as a resistance level rather than a support level.
DOT/USD is currently trading at $18.12 at the time of writing. Due to increased seller numbers, DOT may experience various drawbacks in the next hours.
Conclusion of the Polkadot Price Analysis
We are now expecting a retest of $17.8 as the next price floor as a consequence of Polkadot’s recent fall below $18.5. You can read about Bitcoin Transactions, DeFi Benefits, and Bitcoin Faucets in our guides.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
DOT is in a range-bound trade since the beginning of May, and is currently testing the one-week low of $15.99.. Read more about what is polkadot crypto and let us know what you think.
Related Tags
This article broadly covered the following related topics:
- cryptopolitan
- is polkadot a good investment
- polka dot
- polkadot stock
- what is polkadot crypto
