Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- Polkadot bulls can’t get previous the $5.55 impediment.
- Speculators look to trip the promoting wave with shorts holding a 51.95% benefit.
Regardless of flipping the $5.23 degree from resistance to assist, Polkadot [DOT] patrons skilled a pushback on the $5.55 resistance. This resistance degree has proved a troublesome one to crack prior to now month and as soon as once more stood in the way in which of the bullish development.
Life like or not, right here’s DOT’s market cap in BTC phrases
With the market going by a value lull and Bitcoin [BTC] dipping beneath $31k, the furtherance of DOT’s bullish cost will rely closely on the $5.23 assist holding.
Is one other sideways value motion on the way in which for DOT?
Supply: DOT/USDT on Buying and selling View
A glance southward confirmed vary exercise for Polkadot the final time value was caught between the assist and resistance ranges of $5.23 and $5.55 respectively. On the earlier event, bears prevailed after a month-long tussle to take the worth to the December 2022 low of $4.24.
Nonetheless, the situation might be totally different this time if the $5.23 assist holds. This might give bulls a bonus for a breakout if DOT ranges once more between the important assist and resistance ranges.
The Transferring Common Convergence Divergence (MACD) posted a bearish crossover on 30 June earlier than one other value rally reversed it. A break and session shut under the $5.23 assist on the 12-hour timeframe would result in a full bearish crossover.
The latest value rejection at $5.55 additionally noticed the Relative Energy Index (RSI) dip sharply from 67 to 54, highlighting the waning shopping for stress. With Bitcoin dipping barely and altcoins following, this might be a bearish signal for DOT.
Speculators leaned towards bearish DOT
Supply: Coinglass
The 24-hour change lengthy/brief ratio information from Coinglass revealed market speculators actively searching for shorting good points. The $10 million distinction between longs and shorts highlighted the 51.95% benefit held by sellers.
With the market wrecking tens of millions of lengthy positions over the previous day, DOT was not disregarded. $214.89k value of lengthy positions had been liquidated over a 12-hour interval in comparison with simply $12.20k shorts.
Learn Polkadot’s [DOT] Worth Prediction 2023-24
Nonetheless, it isn’t all doom and gloom for bulls. Whereas the on-chart value motion hinted at shorting alternatives, merchants must be cautious of a bullish Bitcoin, as this might reverse the dip for DOT.
Supply: Coinglass
