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Polkadot price analysis: DOT faces rejection at $47.1 as bears takes over

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  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $47.4.
  • Support for DOT/USD is present at $44.7.

The Polkadot price analysis shows that the coin got rejected from further upside as the price went near $47.1. Earlier, the DOT was rejected at $47.6 on 11th November, and it seems like bears are tightening their grip day by day, as now the price trend line has started forming slightly downwards. Every upwards price cap is lower than the previous one from 8th November onwards, which shows bearish empowerment.

DOT/USD 1-day price chart: Bulls to defend $44.7 support

The 1-day Polkadot price analysis shows bears have decreased the price from $47.1 to $46.7 today as the DOT/USD is trading at the later value at the time of writing. The decrease in price is small but shows bearish supremacy. Due to the nominal damage of today and yesterday’s bullish efforts, the crypto pair still shows an increase in value by almost two percent over the last 24 hours. In contrast, the DOT reports a loss in value by more than 10 percent over the past week. The trading volume has dipped by 35 percent as well.

Polkadot price analysis: DOT faces rejection at $47.1 as bears takes over 1

The volatility is high for the cryptocurrency as the Bollinger bands are expanded immensely, with the upper band at the $56 mark and the lower band at the $39 mark representing support for the DOT, as the price is trading between the lower band and the mean average of the indicator, the mean average at $47.9 represents resistance for DOT.

The moving average (MA) is trading at $49.1 above the price level, and the relative strength index (RSI) is present near the centerline of the neutral zone at index 51. The slight downward slope of the RSI shows more selling activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows most of the damage was observed during the first four hours of today’s session. Recently bullish efforts have emerged as the price slippage has stopped, and the last candlestick on the 4-hour chart is green but smaller in size.

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Polkadot price analysis: DOT faces rejection at $47.1 as bears takes over 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is high on the 4-hour chart as well, with the upper Bollinger band at the $49 mark and the lower band at the $46 mark, making an average at the $46.8 mark. The MA is trading below the price level at the $46.3 mark, but the RSI is in the lower half of the neutral zone at index 43, and the RSI movement is almost straight, hinting at the presence of both the bearish and bullish elements in the market.

Polkadot price analysis conclusion

The Polkadot price analysis suggests that the coin is facing strong resistance around the $47 mark, as it failed to break through this crucial resistance multiple times. It feels like the $47-$48 range lies in a strong bearish territory; although we have observed that DOT moved past this range in a swift move on 1st November on its journey towards the ATH, now the circumstances are different. The market for DOT is still inclined towards the bullish side, but the intensity has decreased over the past few days. However, there are some encouraging signs on the daily chart as well as the overall trend is still upwards, but for intraday trading, the bullish exhaustion is clear.

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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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