Recently, the price of Polkadot (DOT) has experienced a sharp decline due to the impact of the global economic recession, falling below $5 for the first time since November 2023. DOT briefly dropped to $3.75 before recovering slightly to $4.48, but selling pressure is still intense.
Technical indicators and moving averages are highlighting potential resistance levels, signaling that a recovery is uncertain. Looking at Polkadot’s daily price chart, we see a growing bearish trend, supported by key technical indicators. The Directional Movement Index (DMI) shows that the negative directional indicator (-DI) has crossed over the positive directional indicator (+DI), confirming that sellers are taking a stronger hold on the market. The -DI is currently at 40.69, while the +DI is at 6.20, supporting increasing selling pressure.
Additionally, Polkadot’s 20-day exponential moving average (EMA) and 50-day simple moving average (SMA) are both below current price levels, which could be a potential resistance signal. Since these moving averages reflect short-term fluctuations and long-term trends, if bullish moves fail to break out of these levels, additional selling could be triggered.
Follow DMI indicators carefully to monitor changes in market sentiment.
Consider the 20-day EMA and 50-day SMA as key resistance levels.
Be wary of possible declines to $3.59 amid ongoing selling pressure.
In case of a trend reversal, keep an eye on the $6.76 target price.
These indicators and averages are critical to understanding DOT’s market dynamics. Significant resistance at the 20-day EMA and 50-day SMA could keep Polkadot under pressure, pushing the price to a nine-month low of $3.59. However, a positive market reversal could see DOT break above these moving averages and reach a target price of $6.76. Traders should make informed decisions by considering these key levels and monitor market movements closely.
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