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Polkadot (DOT) is within the purple at present because the bears search to regain management over its worth. DOT traded at $4.37 on January 1, 2023, and elevated to $5.13 on January 11.
It remained inside this vary earlier than transferring to $6.23 on January 20. Also, DOT elevated to the $7 worth stage on February 17 because the bulls seized management of its worth.
However, a gradual bearish flip between March and April pressured it again to $5, the place it presently trades at present.
Polkadot Price Prediction Today Are The Bears In Control?
DOT is buying and selling in a sideways development forming a purple candle on the each day chart. It is under its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment within the quick and long run.
Related Reading: Santiment Explains How Bitcoin Investor Mentality Influenced Recent Price Action
The SMA calculates an asset’s common worth over a specified interval and helps predict development route. If the bears persist, DOT’s 50-day SMA, which is about to drop under its 200-day SMA, will kind a loss of life cross. Also, the Relative Strength Index (RSI) is 40.73 and within the impartial zone. The RSI is a trend-based indicator.
DOT’s RSI is transferring downwards, hinting at additional worth decline to the oversold area earlier than a development reversal. The cryptocurrency’s Moving Average Convergence/Divergence (MACD) is barely above its sign line and reveals convergence.
Also, the MACD – a development momentum indicator that shows the connection between two exponential transferring averages (EMAs) and an asset’s worth, shows a unfavorable worth conforming to the bearish development at present. The inexperienced histogram bars are fading, indicating a altering development route.
DOT’s technical indicators all trace at the potential for additional worth decline for the asset. It is near the $5.29 assist stage because the bears on the $5.42 resistance proceed to behave on its worth, forcing a decline.
DOT has remained in a sideways development for the previous few days and additional worth decline stays a risk. However, if the bulls rally once more, the $5.42 resistance stage will probably be a sensible goal earlier than the $6 psychological resistance stage.
The altcoin will possible enter a downtrend if the bears preserve the strain at present. But one factor that gives the potential for a bullish reversal is the upcoming ‘Polkadot Decoded 2023’ occasion in June.
Polkadot Decoded 2023 Might Boost DOT’s Performance
Polkadot is internet hosting a community event, ‘Polkadot Decoded 2023’, between June 28-29 in Copenhagen, Denmark. This occasion will assemble the Polkadot community in progressive talks anchored by over 100 high quality audio system within the crypto neighborhood. Also, builders will profit from interactive and sensible classes based mostly on Polkadot’s know-how.
Free digital tickets are presently out there for the broader crypto neighborhood across the globe to stream the occasion on-line.
Featured picture from pIxabay and chart from Tradingview.com
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