fxs_header_sponsor_anchor

Polkadot price is in a critical spot as the DOT price has fallen to $18.

  • Polkadot price has breached a critical supply zone at $18.60
  • DOT price failed to close above the bearish invalidation level.
  • Invalidation of the bearish thesis is a break at $19.45.

Polkadot price hints at bearish power, as the price has failed to close above the invalidation level. 

Polkadot price is at a critical point

Polkadot price has interesting signals as the bulls not have breached this week’s invalidation level. It was mentioned in last week’s bearish-neutral thesis that the bulls would need to close above the $19.45 level. Unfortunately, the bulls fell just short of doing so, printing a close just below $19.30 on the 4-hour chart. 

Polkadot price has since sold off considerably as price trades at $18.. Polkadot price optimism may have been decimated as the bears pushed through a crucial $18.60 support zone. The zone that the DOT price has just breached is vital for the bulls to establish support.

DOT/USDT-4-Hour Chart

Traders should still look for other opportunities in the crypto market. Invalidation of the downtrend will be a break and close above $19.45. The DOT price could rally towards $26, resulting in a 50% increase from the current ALGO price.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.