Polkadot (DOT) is at present the fifth-leading cryptocurrency with a market cap of round $29,925,593,697. During the last 24 hours, DOT has dropped by 21.73% and is buying and selling at $29.92 on the time of writing.
Supply: DOT/USD 4-Hour TradingView
From the 4-hour candlestick chart of Polkadot (DOT) value, it may be seen that the DOT/USD rose to a file excessive of $42.2256 on February 20, however the patrons didn’t preserve the bull momentum, and the worth steadily declined. Yesterday (February 22) it recorded a crimson candlestick sample with the longest decrease shadow, dropping down to the touch $12.5 and shortly reversed, which signifies that the DOT value couldn’t hold the bullish momentum and the bears managed to push the worth down. Nonetheless, regardless of the massive fluctuations within the DOT value, it nonetheless closed at about $37.67. This phenomenon reveals that though the merchants need to promote DOT and locked earnings aggressively, the facility of the bulls nonetheless can’t be underestimated and buyers will nonetheless select to purchase Polkadot at a low value.
From a technical perspective, in accordance with the Fibonacci Retracements stage that signifies the place help and resistance are prone to happen, on the time of writing, the DOT value is in a downward channel, and the sellers are pushing the worth right down to the primary 23.6% Fibonacci Retracements stage, at about $35.30 stage and patrons are actively defending this transfer. Nonetheless, this stage of $35.30 is just not significantly secure. If it rebounds from this stage, the DOT value will hit the earlier peak of round $42.2256 and proceed rising in the direction of $50.
Traders have to pay extra consideration to the 38.2% retracement, which is about $31.0458, as there’s a robust help stage close to this value. If the long run value breaks down from $31.0458, the DOT value pair might then decline to the 50% retracement stage at $27.6048. If DOT rebounds from this stage, the worth vary will stay between $27.6048 and $42.2256 within the quick time period.
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