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Polkadot price analysis: DOT is bullish at $27.79 after a persistent downtrend

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  • The DOT/USD price has decreased back to $28 in the last four hours.
  • Polkadot price analysis is giving a bullish hint.
  • Support is present at $26 level.

The latest Polkadot price analysis is going in a bullish direction. Though the price underwent decline during the last four hours, despite breaking upwards today. The bears have been at lead since the past week which is why a constant downtrend has been observed. Still, the chances are available for the buyers as overall the price has increased today. According to the four hours price analysis, the price is still going down which is not promising news.

DOT/USD 1-day price chart: Ongoing clash results in bulls claiming the dominant market position

The 1-day Polkadot price analysis is predicting a rise in price as the bulls are trying to make recovery after consistent loss. The price has moved up to the $27.76 level today which is encouraging for the buyers as the past week was highly unfavorable for them. The moving average (MA) value is standing on the $29 mark, above the current price as the dominating trend during the week has been bearish.

Polkadot price analysis: DOT is bullish at $27.79 after a persistent downtrend 1

The volatility has increased by which we can presume that the future trends will again be bearish. The Bollinger band values have shifted as well as now the upper value is positioned at $38 and the lower value at $24.54. Lastly, the Relative Strength Index (RSI) score has moved up to 45.50 as well, which is still a neutral number.

Polkadot price analysis: Bears pull back price levels to $27.8 by opposing further gains

The bears have taken the advantage of the situation as the price decreased once again in the last couple of hours. The 4-hours Polkadot price analysis shows signs of bearish activity resuming back as the price dropped down to $27.8. The moving average value, on the other side, is also going low i.e. $27.688 because of the constant downtrend that lasted for the entire week. The crossover between SMA 20 and SMA 50 is further confirming the downturn.

Polkadot price analysis: DOT is bullish at $27.79 after a persistent downtrend 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility has significantly decreased during the past four hours, which is why the Bollinger bands average is now at $27.76. The upper Bollinger band value, on the other hand, is now $29.30 while the lower value is $26.22. The RSI score is in the neutral range as it is recorded to be 47.3 at the time of writing.

Polkadot price analysis: DOT is bullish at $27.79 after a persistent downtrend 3
DOT/USD technical indicators chart. Source: TradingView

The Technical Indicators chart for DOT/USD is favoring the bearish side as the number of selling indicators and buying indicators are telling us. There are 10 indicators standing on the selling level, seven on the buying level, and nine indicators on the neutral level.

The moving averages indicator, on the other hand, is giving a bearish signal as the bears have been leading since the past week. There are more indicators on the selling side i.e. nine as there are only five on the buying and one indicator is neutral. The Oscillators are almost going neutral as there are eight oscillators standing on the neutral mark, two on the buying, and only one on the selling mark.

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Polkadot price analysis conclusion

The given 1-day as well as the 4-hours Polkadot price analysis is predicting that, despite the bullish up move of today, the price has decreased in the last eight hours which means that there is a strict chance of the bears returning back to lead in the future. The price is now at $27.8, which is a comparatively stable position if we compare it to its last week’s standing.

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Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning

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  • Price has decreased up to $35.89 level.
  • Polkadot price analysis predicts downtrend.
  • Support is found at $34.47 position.

DOT/USD 1-day price chart: Price levels collapse to $35.9 as bears show consistency

A constant downward trend has been going on for the past couple of weeks, as the selling activity almost reached its peak point. The bears have been dominating the price chart for the past 24-hours as well, as the price went down up to $35.893 moment. The situation is turning more unfavorable for the cryptocurrency buyers, as DOT value is constantly decreasing. Moving on, the moving average indicator is dictating its value at $43.84 at present.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 1

Although the bulls are trying to find their way to recovery, the bears have been making their attempts unsuccessful. The volatility is unchanging, and the upper value for the Bollinger Bands Indicator is now at $53.22, and the lower value is at $34.47. The Relative Strength Index (RSI) score has declined up to 36.33.

Polkadot price analysis: Bulls succeed in rescuing price above $35.8

The four hours Polkadot price analysis predicts an uptrend as the price has undergone a sufficient improvement in the past few hours. The latest price movement is bullish, and the bulls have managed to escape the intensifying downtrend. The price is now at a much stable position, i.e., $35.88, and is expected to reach a further high point in the next few hours. The moving average value has moved down to $38.26, as the bears were leading earlier.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 2
DOT/USD 4-hours price chart. Source: TradingView

The increase in volatility suggests that the trends might shift soon because of bearish return. Nonetheless, the upper Bollinger bands value has reached $42.13, and the lower Bollinger bands value has moved down to $35.85. The RSI curve confirms the uptrend, and the score has been enhanced up to 35.60.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 3
DOT/USD technical indicators chart. Source: TradingView

As the bearish momentum is getting stronger, a prominent rise in the selling activity has been going on for the past few months. The technical indicators chart is thus giving out a bearish signal. We can see that 13 indicators are at the selling level, ten hands are at the neutral level, and three are at the buying level.

The Moving Averages Indicator is giving out a solid bearish indication as well. A total of 12 indicators are on the selling side; two hands are on the buying side, while only one indicator is on the neutral side. The oscillators give a neutral hint as nine oscillators are on neutral point, whereas on the one hand, each is on the selling and buying points.

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Polkadot price analysis conclusion

The daily and hourly Polkadot price analysis gives a bearish hint as the price has undergone a massive decline today. The price is now settling at the $35.89 level and is expected to lower further in the next couple of days. On the other hand, the hourly price prediction supports the buyers as the price covered bullish movement in the last four hours.

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How Polkadot’s parachain auctions are benefiting Enjin

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Enjin has emerged as one of the market’s top gaming tokens of late. Recently, it pictures significant growth on the charts too. However, the catalyst for this growth has been its Efinity Network which is striving hard to become what the Enjin community expects it to be.

Even so, the question remains – Can Enjin investors actually gain something out of this situation?

Enjin ON!

With the parachain auctions underway and Acala winning the first round, the hype around Enjin’s Efinity Network is growing massively. Interestingly, Acala or Moonbeam is already poised to win the first slot. So, the network is aiming to compete where it could win. And, also trying to get the fourth slot of the auction which will be decided on 2 December.

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If it wins the slot, the Efinity Network’s mainnet will become operational by the end of 2021. Notably, it has designs for a $100 million Metaverse fund to support projects on the chain.

Efinity currently has 1.7 million DOT worth $68 million raised. Moreover, it is presently placed 7th in competition with Manta, Clover Finance, Astar, and Parallel Finance.

Parachain auction live status | Source: Parachains.info

In response to the beginning of these auctions, multiple exchanges and protocols have been showering Efinity with support. Gate.io, BitMart Exchange, and Indodax are some examples that have either listed EFI or added support for depositing and trading. AAX exchange also announced a 5000 EFI NFTs giveaway in celebration of EFI’s listing. 

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Now, this has actually second-hand benefitted Enjin and its investors. Especially since the altcoin has literally jumped 2x in the last one month, marking a 141% rally.

Enjin price action | Source: TradingView – AMBCrypto

As a result, right now almost 95% of all addresses are enjoying profits compared to two months ago when the figures were half of it. Consequently, investors once again have become active, something that is visible in the 160% jump registered on the charts.

Enjin addresses profitability | Source: Intotheblock – AMBCrypto

However, it is not just retail investors who have become active. Whales too have been enjoying profits and even cashing it in.

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Volumes averaging at $10 – $12 million every day for the last month signified that Enjin’s 13 whales are constantly active.

Enjin whales | Source: Santiment – AMBCrypto

Taking all the aforementioned instances into account, it becomes clear that the network is in a good space now. This can also be backed by the rising market value of ENJ. In fact, the indicator is at its highest in over seven months now. 

Enjin MVRV | Source: Santiment – AMBCrypto

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Polkadot price prepares for 30% gains as DOT hovers above crucial support

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  • Polkadot price might slide below $37.55 to collect liquidity resting around the $35.47 support level.
  • This downswing will provide sidelined buyers an opportunity to accumulate DOT before embarking on a 30% upswing to $45.72.
  • A daily close below $35.47 will invalidate the bullish thesis and likely trigger a descent.

Polkadot price looks to be showing a slightly bullish reaction as it nears a support floor. This uptick in buying pressure could be a lure as DOT could slide lower in search of liquidity. Therefore, investors need to be aware of a potential wick to the downside.

Polkadot price prepares for a move higher

Polkadot price has been on a downswing for roughly three weeks and shows signs of reversal as it hovers above $37.55. While the 30% correction seems done, there is a small chance DOT might dive lower to collect the liquidity resting below the $37.55 support level and fill the fair value gap at $35.47.

This move will provide the buyers with a perfect opportunity to accumulate DOT at a discount. Regardless of where it drops to, investors can expect Polkadot price to kick-start its upswing toward $45.72 thereafter. 

This upswing would constitute a 30% climb from $35.47 or 21% from $37.55. In some cases, DOT could extend to the $47.91 and $49.71 resistance barriers.

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DOT/USDT 4-hour chart

DOT/USDT 4-hour chart

While things are looking up for Polkadot price, a breakdown of the $35.47 support floor will indicate a weakness among buyers and increased selling pressure. This move will also invalidate the bullish thesis. 

In this scenario, Polkadot price will retest the $34.27 support level, where it could give the rebound another go.

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