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Polkadot price analysis: DOT price slips down to $40.9 as bears seize control

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  • The price has declined up to $40.9.
  • Polkadot price analysis confirms bearish lead.
  • Support is evidently strong at $26.90.

The Polkadot price analysis reveals the price is going down once again as the bearish momentum has been restored back. The DOT/USD price has faced a significant decline in the past few days because of the increase in bearish pressure. The price dropped today as well and has moved down to the $40.94 level. The trends have undergone reversal as the bearish trend has been dominant for the past few weeks.

DOT/USD 1-day price chart: Recent setback lowers price levels down to $40 limit

The price has been going down constantly for the past few days and even today a downward price movement has been recorded. The cryptocurrency is facing extreme bearish pressure which is why the price has decreased up to $40.94. Although the bulls remained at the lead mostly during this month, this week’s trend has been in the favor of the bears. The moving average indicator (MA) is showing its value at the $40.09 position.

Polkadot price analysis: DOT price slips down to $40.9 as bears seize control 1

The short-term trending line is also moving in the descending direction which is a confirmation of the bearish trend. Whereas the Bollinger bands indicator is showing the following values; the upper Bollinger band value is $44.94 while the lower Bollinger band value is $26.90. The Relative Strength Index (RSI) score has moved down to 62.64 as well.

Polkadot price analysis: Bears resume dragging price levels towards further lows

The 4-hour price chart for Polkadot price analysis shows bears have been dominating the price chart for the past few hours, and the price has dropped down at a significant rate. This is a disappointing sign for the buyers, as the chances of a bullish comeback are still minimal. The downward trend has taken the price to the $40.94 level, and a further decline in price can be expected. The moving average value for the four hours price chart is at $41.26 position.

Polkadot price analysis: DOT price slips down to $40.9 as bears seize control 2
DOT/USD 4-hours price chart. Source: TradingView

The SMA 50 curve is still traveling above the SMA 20 curve which is also a bearish indication. The decreasing volatility has changed the Upper Bollinger band value to $43.1 and the lower Bollinger band value to $40.35. The RSI score has reached the average position of 49.10 in the last fours hours.

Polkadot price analysis: DOT price slips down to $40.9 as bears seize control 3
DOT/USD technical indicators chart. Source: TradingView

The bulls have been at the lead in the past few months if we observe the price movement from a general overview. This is why the technical indicators chart for DOT/USD is supporting the bulls today. There are 14 indicators at the buying level, 10 indicators at the neutral level, and only two indicators at the selling level.

The moving averages indicator is also giving a favorable signal for the buyers. There are 13 indicators standing on the buying position while the remaining two indicators are on the selling and neutral positions each. The Oscillators are showing a neutral trend as there are nine oscillators in the neutral position, one oscillator on the selling level and one on buying level.

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Polkadot price analysis conclusion

The one-day and four hours Polkadot price analysis is dictating a sharp drop in price today as the bears have been able to make a comeback. Now the price levels are standing at $40.94 position and a downtrend is taking place. Further decline in price is to be expected as the hourly prediction is supporting the sellers as well.

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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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