Connect with us

Polkadot

Polkadot price develops bearish divergence, hinting at 22% drop

Published

on

  • Polkadot price shows evidence of a bull trap.
  • A bullish breakout above the Cloud is not confirmed with Polkadot’s oscillators.
  • A return to volatile and indecisive price action inside the Cloud is likely.

Polkadot price is nearing an inflection point. Like a majority of the cryptocurrency market, Polkadot has paused after experiencing a massive rally. At first glance, Polkdadot appears to be in very favorable buying conditions. However, not all is as it may seem.

Polkadot hidden bearish divergence signals a warning that sellers may take control

Polkadot price has mixed signals which are likely causing frustration for buyers and sellers alike. While Polkadot has broken out above the Cloud – and even close above the Tenkan-Sen and Kijun-Sen – the Chikou Span remains in a constricted position and is neither bullish nor bearish. The oscillators, however, point to a bearish slant.

The Relative Strength Index is currently at bear market levels and shows difficulty crossing above the first overbought condition at 55. The Relative Strength Index is presently sloping down and away from the 55 level. Additionally, the Composite Index shows blatant hidden bearish divergence with lower highs printed by Polkadot price on the candlestick chart and higher highs on the Composite Index. Finally, the Optex Bands now show a sharp hook south.

DOT/USD Daily Ichimoku Chart

One condition needs to be met to invalidate a bearish continuation move.  The Chikou Span must close at a level where it will not intercept any candlesticks over the next five to ten periods. This can only occur if Polkadot price closes at or above $37.50. If this does not happen, then a return to $25.00 is more than likely to occur.

Advertisement

News Source

Polkadot

This Is How Polkadot(DOT) Price May React After Hitting $50!

Published

on

The crypto space is consolidating heavily for the consecutive second day showcasing a bearish trend. Most of the major assets are forming constant lower lows after a steep plunge. However, some altcoins like Polkadot is undergoing a reverse trend and attempting to reach the current highs. As the DOT price ranges above $50, the path towards a three-digit figure may get feasible. 

After the recent reversal, the asset managed to trend within a rising wedge since the beginning of the current trading month. Initially, the asset hit the strong resistance levels at $38 and successfully sliced through these levels after a slight pullback. However, the price is currently an inch close to forming a new ATH.

dotprice
Source: Tradingview

Despite the price is surging and forming more higher highs, yet the fear of a bearish divergence still hovers the rally. The appears to be trending within a rising wedge which usually ends up in a slight pullback. The correction could either end with a notable rebound from the immediate trend line, else it could hit the strong support levels at $40. 

However, the Polkadot price tends to reverse the trend in order to flip the bearish divergence soon. One of the popular analysts, FieryTrading, DOT price after forming a new ATH may not stop surging. The price currently resides at 1 Fib level and 2 Fib levels from beyond $100 at $120. And hence the target for Q4 maybe somewhere around $100.

Advertisement

News Source

Continue Reading

Polkadot

This Is How Polkadot(DOT) Price May React After Hitting $50!

Published

on

The crypto space is consolidating heavily for the consecutive second day showcasing a bearish trend. Most of the major assets are forming constant lower lows after a steep plunge. However, some altcoins like Polkadot is undergoing a reverse trend and attempting to reach the current highs. As the DOT price ranges above $50, the path towards a three-digit figure may get feasible. 

After the recent reversal, the asset managed to trend within a rising wedge since the beginning of the current trading month. Initially, the asset hit the strong resistance levels at $38 and successfully sliced through these levels after a slight pullback. However, the price is currently an inch close to forming a new ATH.

dotprice

Despite the price is surging and forming more higher highs, yet the fear of a bearish divergence still hovers the rally. The appears to be trending within a rising wedge which usually ends up in a slight pullback. The correction could either end with a notable rebound from the immediate trend line, else it could hit the strong support levels at $40. 

However, the Polkadot price tends to reverse the trend in order to flip the bearish divergence soon. One of the popular analysts, FieryTrading, DOT price after forming a new ATH may not stop surging. The price currently resides at 1 Fib level and 2 Fib levels from beyond $100 at $120. And hence the target for Q4 maybe somewhere around $100.

Advertisement

News Source

Continue Reading

Polkadot

Polkadot (DOT) Price Ready To Ignite, Aims 67% Upswing By End Of October 2021

Published

on

The crypto space is slowly on the verge to become the fastest growing and flourishing space as the market cap is heading towards $3 trillion at lighting speed. Bitcoin price and Ethereum price are heading towards their respective highs yet again gearing up other altcoins. And hence Polkadot (DOT) price following the trend may also gear up substantially. 

The price since the start of October 2021, maintained a considerable uptrend within a pattern. The asset was maintaining a silent trend with small dumps yet considerable large pumps until huge liquidity propelled the price from $34 to $42 a couple of days before. Since then DOT price repeated the same pattern in order to march towards its ATH.

polkadotchart
Source: Tradingview

As mentioned before, the price repeatedly formed a bull flag a couple of times and successfully ranged high. The asset has formed a similar pattern yet another time and could range above $50 with a successful breakout. Interestingly, the asset discovered a new support zone around $40 and bounced each time it visited these zones. 

However, the Polkadot price is on the verge to form yet another bull flag pattern for the third time in a row. And a breakout from these levels may lead the DOT price to trade within the discovery phase soon

Advertisement

News Source

Continue Reading