Can Polkadot (DOT) hold on to dear life as its price nosedived by 4% on the daily charts right after it peaked at $8.84? The $8 support line is seen as a critical zone for the coin, especially with the prevailing seller pressure going on.
DOT is seen to go downhill or can plunge to $6 in the coming days. On the brighter side, the token’s price is generally bullish as shown in the extended increase which propelled its price to a high of $8.84 seen yesterday.
On the other hand, DOT is seen to have decreased by 4% in price overnight. On July 26, 2022, its price formed an extended ascending triangle pattern when the price plunged to a mere $6.55.Cryp
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! Related Reading: Solana Pressured To Register A Breakout – Can The Bulls Lift SOL This Week?
DOT Breaks Resistance At $8.5
Hereinafter, DOT has been extremely bullish and breaking the resistance seen at $8.5 and as it trades above $8.60.
Support clamped at $8 is mission-critical for Polkadot price, especially with imminent selling pressure. With that in mind, any movement that swerves below this critical line could trigger a worse downtrend that may result in a price decline to $6.15.
Major cryptocurrencies like Bitcoin and Ethereum also suffered a massive drop in the past 24 hours. Bitcoin evidently dipped by 3% or towards $23,700, while Ethereum plunged dramatically to $1,700. With the altcoins, Ripple spiked by 3% reaching $0.38, Cardano dropped to $0.52, Solana soared to $44.22, while Dogecoin plunged by 3% and fell to $0.07.
Can Crypto Maintain Its Bullish Momentum?
Based on the 24-hour chart, Polkadot’s price is seen shooting for an uptrend that showed a price increase to $8.84 seen yesterday. On the other hand, DOT price has experienced volatility which prompted the price to move downwards.
Still, the DOT price has remained hovering over the critical 9 and 21-day moving averages as well as the 50-day EMA that registers at $7.80. More so, there is a huge potential for the price to touch the resistance levels spotted initially at $9.20 and next at $12.5.
DOT RSI has also soared so much that it covered the overbought zone spotted at 61.72 overnight, which may impact the price in the next trading sessions. As a consequence, DOT trading volume also dropped by 17% which implies reduced market valuation.
Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games. Related Reading: Despite Polygon’s Bullish Run, Buyers Struggle Near Resistance Of $1.0
The Moving Average Convergence Divergence (MACD) is seen forming seismic patterns of higher lows keeping a solid bullish divergence.
So, the next 24 hours is critical. DOT price should be able to claim strongly with its $8 support because an inch below this level can clearly invalidate the coin’s bullish streak that may send DOT downhill with the next support spotted at $4.5.
DOT total market cap at $7.7 billion on the daily chart | Source: TradingView.com Featured image from VOI, chart from TradingView.com