Thursday, December 8, 2022

DOT Traded Below $11, Can It Manage To Hit $14 Soon?

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DOT traded below $11 recently and the consistent downslide of the market movers pushed most coins near their immediate support and below the nearest resistance levels with the market conditions being quite harsh for the investors so let’s have a closer look at today’s latest altcoin news.

The returns were quite questionable since DOT traded below $11 and witnessed a sharp fall in the buying strength that happened due to the bearish condition of the market. The coin was in the spotlight in recent times because of the latest development. The developments were related to the interoperability and features of the multi-chain which was announced in the middle of the month. The activities helped buyers to enter the market and the selling pressure continued to outpower the buying pressure on the market.

Polkadot flashed signs of less volatility on the one day chart Source DOTUSD on TradingView

Polkadot has an ecosystem that is striving to bring new projects via para-chain auctions but it is still uncertain if, over the upcoming trading sessions,t eh coin can maintain the price action and touch an immediate resistance level. The altcoins as priced at $10 at the time of the writing and a few rejections from the $11 level. The nearest support level for the altcoin remained at $8 and dropped below the level that could land DOT close to $6.26 while in the past two days, the DOT coin broke below its 10-month-long support line.

In the past 24 hours, the coin tried to move to the north but the bulls got tired. The lack of buyers caused the bullish action to diminish and the trading volume was seen in the green as a sign of positive price action but another session dominated by the sellers can change that. DOT underwent quite a bit of development and it helped the investors gain confidence. The RSI showed that below the half-line there was an uptick.  The uptick showed that the buyers are re-entering the market but the price action caused buyers to remain wary. DOT remained below the 20-SMA and is considered bearish. The sellers were in charge of driving the price momentum but a slight push from the bears can help DOT increase above the 20-SMA which can make the price reversal possible.

Polkadot registered slight increase in buyers on the one day chart Source DOTUSD on TradingView

DOT could target $14 if the current price action picks up momentum. The MACD shows price momentum is here and it flashed green signs above the half-line which refers to a buying signal. If the buyers don’t act on it, the price of the altcoin can see some relief.

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