Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- Promoting stress noticed DOT sink to December 2022 lows.
- Lengthy positions on the futures market flashed optimistic for bulls.
The crypto market continued to react negatively to the latest regulatory crackdown on cryptocurrencies. Polkadot [DOT] was no completely different as its value took a 13.8% nosedive previously 24 hours.
Learn Polkadot’s [DOT] Value Prediction 2023-24
Bitcoin [BTC] additionally fell to $25.6k on the time of writing, with the market largely dominated by bears.
Can $4.24 help degree halt the bearish momentum?
Supply: DOT/USDT on Buying and selling View
DOT has been on an enormous bearish slide since 18 April after value received rejected on the $7.02 resistance degree. This noticed value break by way of the $6.12 help degree earlier than bullish reinforcement on the $5.23 help degree.
The worth traded on the $5.23 help degree for a month-long interval with bulls holding on to the extent. Nonetheless, the low shopping for stress didn’t permit bulls to mount a big rally. Latest bearish exercise available in the market gave DOT sellers one other alternative to interrupt previous the important thing help degree.
A profitable breach of the help degree noticed DOT decline to the December 2022 low of $4.24. Nonetheless, value rapidly bounced off the extent, highlighting the bullish dominance in that value zone.
The short-term bullish protection was echoed by the Relative Power Indicator (RSI) and the On Stability Quantity (OBV). The RSI recorded a light uptick after the aggressive dip into the oversold zone. The OBV additionally registered a 759.42k enhance in quantity.
Nonetheless, the optimistic indicators for bulls at this degree didn’t negate the numerous bearish dominance on DOT. Additional dips by Bitcoin may see sellers register extra draw back.
How a lot are 1,10,100 DOTs price at present?
Longs took a beating in futures market
Supply: Coinglass
The four-hour liquidation heatmap from Coinglass confirmed large losses for longs within the futures market. $263.41k of lengthy positions have been liquidated, accounting for 89% of complete liquidations.
Nonetheless, open positions on the lengthy/brief ratio at press time advised a distinct story. Longs held a 51.64% benefit on the four-hour timeframe. This hinted that market speculators have been actively anticipating the $4.24 help degree to carry within the brief time period.
Supply: Coinglass
