• Polkadot price, like most cryptocurrencies, has experienced a significant retracement over the past two weeks.
  • The threat of continued selling pressure remains, but a strong support level is evident.
  • Bulls eye a hint of supportive price action that would eliminate further selling.

Polkadot price has moved beyond the normal range of a technical correction. It has moved as much as 31% below the most recent all-time high and continues to show strong selling.

Polkadot price action shows bears remain in control as bulls struggle to find support

Polkadot price appears to have found some temporary support against the weekly Tenkan-Sen at $40. Sellers have pushed DOT below that level, but buyers have stepped in and returned Polkadot above that support level.

However, the broader cryptocurrency market remains very weak and Polkadot’s oscillators show that lower prices remain a high probability. Downside risks should be limited to the $32 value area. The 2021 Volume Point Of Control, weekly Kijun-Sen and weekly Senkou Span B share the $32 price level.

The combination of the most vital support level in the Ichimoku Kinko Hyo system (Senkou Span B) and one of the most potent technical support levels, the Volume Point Of Control, create the most robust support level on the weekly Polkadot price chart.

However, bears should be cautious about getting too greedy. The Tenkan-Sen has held as the primary Ichimoku support level for Polkadot price for the past fourteen weeks. Therefore, any downside outlook will be invalidated if buyers push DOT to a close at or above $46.

DOT/USDT Weekly Ichimoku Chart

Above the $46 price level, the Volume Profile becomes thinner, giving Polkadot price an easier time moving higher than it will moving lower.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP