Polkadot (DOT) Price Slips Lower, a Break below $26.0 is on the cards

17 Jan, 2022 Updated 17 Jan, 2022

Editor

Expertise : Cryptocurrency & Blockchain, Finance, Forex

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Polkadot, Binance Coin And EOS Plunge: Vital Trading Levels To Keep An Eye On

Polkadot (DOT) after consolidating for two days fell sharply on Monday. Sellers remain in control of the trend from the highs of $55.00 made on November 4 and lost more than 50%. The upside rally that begin on January 10 took a breather on Monday.

Polkadot (Dot) extend losses on Monday with more than a 4% fall.
Support confluence zone on the verge of a breakdown.
Below 200-EMA, sellers remain in control of the price action.

Bulls losing grip below 200-EMA

Polkadot (DOT) price facing very strong resistance near the descending trend line from the 2021 highs made on November 4 at $55.00. Buyers could not find any buying opportunities once the price break the level of $50.33. The downside in the price seeks short-term support around $23.0. After testing 200-EMA(Exponential Moving Average) DOT again fell towards the lower levels.

The daily Relative Strength Index (RSI) reads at 47, which signals a continuation of the downside. Furthermore, the MACD (Moving Average Convergence Divergence) trades below the midline with a neutral stance. The volumes also declined by 11.53% in the past 24-hours. On balance volume (OBV) indicator consolidates indicating the downside is capped near the lower levels around $23.0.

On the flip side, if the price drops below the close of January 11 at $23.52 then bears will attack the $22.0 level. The levels were last seen in July.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.