Saturday, September 30, 2023

DOT Reaches $9.30 But Can It Slightly Shift In Trend?

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DOT reaches $9.30 price level but it noted a fall in price over the past few days and a continuous dip in price so, can it manage to shift in trend soon? Let’s find out in today’s latest altcoin news.

The broader market weakness can be attributed to most altcoins that started tradign sideways and moved on the downtrend. The coin broke below the crucial support of $14 and Polkadot has been moving south ever since. The buying strength faded from the market and the bears took over the price action. Despite the bear gaining power, DOT continued to try and move on the upside but the coin was met with a strogn selling pressure each time.

dot registered
Polkadot registered fall in buying strength on the one day chart Source DOTUSD on TradingView

The bulls have to push the price a little above the $9.60 mark and the buyers tried to re-enter the market which could bring some relief to the altcoin price. DOT reaches $9.30 on the charts and it was mostly consolidating but was trying to break past the same level for a few times now. The bears got stronger as the buying strength dropped. The fall below the $9.30 mark can cause the coin to rest on the $8.71 support line.

This will mean that DOT can touch the price last seen in August 2021, and the overhead resistance for the coin stood at $10 and pushed above the same which can propel it near $11.87. DOT noted a consistent increase in the buying strength as the RSI index shows. There was an uptrend on the RSI and the coin displayed a fall in buying strength as the indicator noted a downtick that signifies an increase in selling pressure.

polkadot price
Polkadot was priced at $9.30 on the one day chart Source DOTUSD on TradingView

In regards to DOT and the shift in price action, the price of the asset was seen above the 20-SMA line which meant that the buyers were gathering momentum and the sellers could not continue driving the price momentum on the market. DOT flashed a buying signal which amounts to the coin showing a change in the price action. The moving average convergence divergence shows the price momentum and indicated there’s bullishness on the charts with the MACD green signal bars being tied to the buying signal. The Bollinger Bands indicate price volatility and showed narrowing of the bands so if they become too narrow, it means the price volatility is going to drop. A drop could also mean lesser price fluctuations and DOT can try to rise above the immediate resistance if the buying strength increases in the market in the immediate trading sessions.

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