Polkadot Under Strong Bearish Influence , Will The Nearest Support Level Hold?
June 30 2022 - 9:00PM
NEWSBTC
Polkadot continues to face downtrend on its chart as broader market
strength also remained low. Over the last 24 hours, DOT lost close
to 8% of its market value invalidating weekly gains that DOT
secured. Technical outlook for the coin indicated bearish price
action. In accordance with the same, it is likely that the coin
might not be able to hold itself above the $6 support level. The
coin has been witnessing stiff resistance at the $7.20 mark. Only
if the coin manages to trade above $7.20 for a considerable period
of time, the bulls could be back. On the developmental front,
Polkadot is introducing a new on chain governance model. Gavin
Wood, Polkadot founder announced about the on chain governance
model as a part of the Polkadot Decoded 2022 conference. The
primary goal of this new governance model is to ramp up the number
of collective decisions the governance structure is able to make.
The newest development is yet to have any positive effect on the
price of the altcoin. Polkadot Price Analysis: One Day Chart DOT
was trading at $6.76 at the time of writing. The nearest support
line for the coin is at $6. The sellers have taken over so the coin
can soon slip below the aforementioned price level. Fall below the
$6 support level will make DOT hit a new low this year, the coin
might trade near the $4.20 support line. Overhead resistance stood
at $7.20, the coin has struggled to move past that level over the
last few days. If DOT registers a price correction and manages to
move past the $7.20 level then DOT could manage to touch the $8.70
resistance mark. Volume of DOT traded fell significantly indicating
bearishness on the chart. Technical Analysis Buyers have exited the
market as DOT turned substantially bearish over the last few days.
Buying strength continued to remain choppy, despite the buying
strength showing recovery, as price slipped so did the buying
strength. The Relative Strength Index was beneath the half-line
suggesting that sellers outnumbered buyers and that price would
continue on a downtrend. On the 20-SMA, the coin was below the
20-SMA line which suggested that sellers had taken over the price
momentum in the market. Related Reading | Ethereum Keeps Sliding
Down, Will The Support Line of $1,100 Break? In accordance to the
increased selling pressure, the coin had flashed sell signals on
the chart. Awesome Oscillator is responsible for depicting price
trends and reversals in the same. The indicator formed red signal
bars which are tied to sell signal for the coin. Bollinger Bands
portray the price volatility in the market. Bollinger Bands were
heavily narrowed which meant that there would be an explosive price
action over the next trading sessions. Going by the technical
outlook, it could be possible that the coin might break the support
level and trade at a new low. Related Reading | Bitcoin Records
Worst Performance For June, Will It Get Better From Here? Featured
image from Currency.com, chart from TradingView.com
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