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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- Huge promoting strain stored DOT firmly underneath $4.
- An inflow of recent brief positions may end in one other 12 months low for DOT.
Polkadot’s [DOT] bullish reversal faltered on the $4 value zone, because the promoting strain produced a fast retest of the $3.6 help degree.
Learn Polkadot’s [DOT] Price Prediction 2023-24
An earlier price analysis by AMBCrypto projected that bulls may go on a sustained bull run in the event that they have been in a position to clear the $4 psychological degree. Nevertheless, the value rejection on the psychological value zone may prolong DOT’s closely bearish value motion.
Sellers maintained dominance over DOT’s value motion
Supply: DOT/USDT on Buying and selling View
The overwhelming management of sellers on DOT’s value motion has been evident since mid-July. With a number of help ranges succumbing to the promoting strain, DOT patrons have registered huge losses within the spot market.
After DOT sunk to a brand new low of $3.6, patrons rallied between 13 October to 16 October. But, sellers rapidly extinguished the bullish hearth with a 7% value dump over the previous three days.
Moreover, the RSI (Relative Power Index) highlighted the robust promoting strain, dropping into the oversold zone with a studying of 29. Equally, the OBV (On Stability Quantity) registered one other downtick to trace at waning curiosity in a value reversal.
As such, DOT may nonetheless sink under the $3.6 help degree, with extra shorting good points attainable for sellers at $3.
Bearish sentiment persevered in futures market
Supply: Coinalyze
The info from the derivatives market wasn’t encouraging for patrons. In keeping with Coinalyze, the Open Curiosity rose as value declined. A rise in Open Curiosity together with a lower in value principally signifies an inflow of recent brief positions.
How a lot are 1,10,100 DOTs worth today?
As such, this might see an extension of DOT’s bearish downtrend in the long run.
Moreover, the Funding Price fluctuated between destructive and optimistic, though it was largely destructive for the time interval into consideration. This might restrict any bullish state of affairs for DOT, with the upper timeframe market construction remaining firmly bearish.
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