Over the past 24 hours, Polkadot (DOT) was down 3.65%, trading at $ 15.85, with trading volumes of $ 1,414,486,745. It has a market capitalization of $ 15,475,251,379, making it the ninth largest cryptocurrency. Trading volumes show that DOT is one of the largest cryptocurrencies currently thriving in the market.
The Coinbase’s 4-hour DOT / USD shows a wedge chart at the end of the downtrend and shows the rejection of the bear market where candlesticks failed to continue the downtrend. Still, a Repair Phase is formed.
The presence of short candlesticks indicates that the Polkadot is in the consolidation phase, the candlestick of the pin indicates a potential sales situation where the current trend (consolidation phase) is coming to an end. Therefore, a downward trend is likely to occur (as the selling rate rises and buyers seem to get the uptrend to work).
The MACD lines further strengthened the consolidation phase, indicating that the DOT has been in a sideways phase since June 21, as shown by the lines approaching and moving alongside the Level 0. But the side trend seemed to change after July 6, when MACD lines moved above the 0 level, indicating that encryption is on the rise.
However, the sign expressing Bollinger’s bands is a weak trend as the contract and price of the outer bands move in the middle. In addition to this, from yesterday onwards, the external bands appear to be expanding, indicating a likely slow rise and fall in Polkadot prices, confirming the likelihood of a continuation of the consolidation phase.
Polkadot started this year at a purchase price of $ 9.12 in early January. With certain changes, DOT began to grow further. As a result of this make took all measures targeted at its $ 50 territory. In mid-May, encryption hit $ 42.98 and then plunged into a falling trap on May 19, when the entire encryption market collapsed and lost about 50% of its value. Polkadot is currently continuing to trade and is slowly rising from its low level.
Just like all other encryption features, Polkadot is subject to a number of unique market factors, such as uncertainties at the moment, including government regulations, encryption mining problems, hacking, fraud, lawsuits, corporate rumors and more.
But DOT is unique among other cryptocurrencies because of its financial resources. Since its inception in 2017, Polkadot has raised about $ 200 million from investors through several coins and crowdfunding. As a result, DOT is one of history’s well-funded blockchain startups.
Polkadot’s popularity remains in its blockchain project objectives decentralize the network by connecting block chains and allowing them to interact, enabling new applications such as certain decentralized funding (DeFi) services.
The sales probability indicated by the presence of a pin bar can be negated by MACD indicators indicating the possibility of a slow uptrend, Bollinger band indicators indicating the probability of continuation of the stabilization phase, and a wedge diagram confirming the step by step. The Fibonacci retracement indicator indicates that Polkados can be stabilized between the $ 13.35 support zone and the $ 16.98 resistance zone.
Image source: Shutterstock