Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT?
To shed light on the protocol’s successes, Polkadot insiders have
been providing key data. As it stands, these accomplishments are
very helpful to the overall ‘well-being’ of DOT. However, the
coin’s value has been down alongside the rest of the crypto and
financial market. Is this downturn going to be a great chance to
buy for investors? Markets are under intense selling pressure. The
worry that the year-on-year inflation news on September 13 caused
is still with us today. The overall market cap for DOT fell by 15.3
percent, from $8.75 billion to $7.44 billion. Polkadot has shed 10%
weekly loss on the heels of the U.S. central bank’s not so rosy
inflation assessment. As of this writing, DOT is trading at $6.33,
down 8.6 percent in the last seven days, data from Coingecko show.
These figures are not the only ones affecting market prices.
Inevitably, the current interest rate hike of 0.75 percent by the
Federal Reserve is seen to have a negative effect on the pricing.
If things get much worse, this will have a negative impact on the
value of DOT. How Soon Will The Price Rally Occur? Is there any way
for DOT to recover quickly despite the general gloom in the
financial markets? If one looks at the daily tick indicators, one
can see that DOT has been met with resistance around the $8.06
mark. The price drop on September 13th is consistent with this.
Once again, the price was rejected after reaching the $7.07 price
resistance, sending it tumbling to the $6.12 support level. Related
Reading: Will Polkadot Network Progress Give An Ailing DOT Renewed
Vigor? Here’s Where Polkadot Rally May Be Seen Indicators have
suggested that the $6.12 support is generating positive momentum.
Any significant momentum generated during this period can help the
bulls break past the $7.07 resistance level. The increasing
optimistic forecast may suggest that Polkadot’s recent
accomplishments are influencing investor confidence. Chart:
TradingView.com The positive reversal on indicators aligns with
recent tweets from @PolkadotInsider. The amount of investment
projects on the protocol is one of Polkadot’s ecosystem’s most
remarkable achievements. DFG is honored to be the No.1 #venture by
@PolkadotInsider! 🏆 Apparently, this #CryptoWinter doesn’t slow us
down; we keep investing and supporting the most promising projects
in this space. 💪 Thank you for all our terrific portfolios! Let’s
continue to make more history! 🚀 https://t.co/GbMIbpLLfy — DFG
(@DFG_OfficiaI) September 22, 2022 DFG Global led the list with 52
projects, followed by AU21 Capital with 39 and Hypersphere with 35.
This tweet was recently published on September 22. Following this,
the price rose to a $6.44 high close. As of this writing, it
appears that DOT is preparing a relief rally. Upon detailed
examination of the data, the token’s last settlement occurred at
$6.48, its previous peak. This growing trend is reflected in the
sentiment of investors. Together, the momentum indicator, the
commodities channel index, and the Stoch RSI are currently rising.
This inclining behavior suggests that investor sentiment is rather
upbeat, even in volatile circumstances such as the present. DOT’s
prior market activity likewise matched the XABCD harmonic pattern,
which can advise investors and traders to buy the dip. Related
Reading: Shiba Inu Eternity Update Awaited – Will This Lift SHIB’s
Price? DOT total market cap at $6.9 billion on the daily chart |
Source: TradingView.com Featured image from The Daily Hodl, Chart:
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