Advertiser disclaimer

DOT’s Range: $4.50 – $4.35; What’s Ahead?

author
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on August 22, 2023 | 2 min
Updated on Sep 03, 2023
Advertiser disclaimer
    • DOT maintains neutrality after a significant 50% Fibonacci retracement at $4.80, following a pronounced drop touching $4.50.
    • RSI and MACD indicators enter oversold territory, heightening the potential for an imminent bullish correction.
    • DOT has retraced 50% of its recent movement near $4.80, coinciding with the 50-day EMA intersection. Bullish sustainability requires surpassing $4.80, while bearish implications are seen below $4.80, potentially targeting $4.66 or even $4.05.

    Amidst the dynamic cryptocurrency landscape, Polkadot (DOT) has found itself confined within a relatively narrow trading range, oscillating between $4.50 and $4.35. This consolidation phase prompts a natural curiosity about the potential trajectory that DOT might take in the upcoming sessions. The examination of technical indicators and market sentiment offers insights into the probable direction that Polkadot’s price movement could follow.

Show more
DOT/USD Price Chart
DOT/USD Price Chart – Source: Tradingview

Polkadot Price Prediction: Technical Outlook

As of today, the current price of Polkadot stands at $4.43, accompanied by a trading volume of $98,402,687 over the past 24 hours. Polkadot has experienced a 1.67% decrease within this timeframe. Its present position on the CoinMarketCap ranking is #11, reflecting a live market capitalization of $5,378,044,972 USD. The circulating supply comprises 1,215,233,110 DOT coins

Upon meticulous examination of the coin’s technical attributes, it is currently positioned in a state of neutrality subsequent to achieving a noteworthy 50% Fibonacci retracement point at approximately $4.80. Notably, the coin underwent a pronounced descent that touched the $4.50 level. The emergence of a hammer candlestick pattern, followed by a robust upsurge, signifies a diminishing bearish momentum and foreshadows the potential resurgence of bullish forces in the market.

Additionally, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators have ventured into oversold territory. This occurrence augments the likelihood of an impending bullish correction.

Of significance is the fact that the DOT price has already retraced 50% of its recent movement around the $4.80 threshold. Any instances of candlestick closures below this juncture illuminate the presence of pronounced bearish sentiment. Intriguingly, this very level coincides with the intersection of the 50-day Exponential Moving Average (EMA).

To uphold DOT’s bullish inclination, it is imperative for the coin to surmount the $4.80 mark. However, in light of recent candlestick closures beneath this point, there exists the potential for DOT’s price to recede to levels of $4.66 or conceivably even $4.05.

On the contrary, an upward bullish surge beyond the $4.80 threshold holds the potential to propel the price towards the realms of $4.85 or $4.95. In summation, it is prudent for traders to exercise vigilant scrutiny over the $4.80 level, contemplating short positions beneath this threshold and long positions above it.

Stay tuned for more updates!

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
Other categories