Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- Large promoting stress saved DOT firmly underneath $4.
- An inflow of latest quick positions might end in one other yr low for DOT.
Polkadot’s [DOT] bullish reversal faltered on the $4 worth zone, because the promoting stress produced a fast retest of the $3.6 assist degree.
Learn Polkadot’s [DOT] Value Prediction 2023-24
An earlier worth evaluation by AMBCrypto projected that bulls might go on a sustained bull run in the event that they had been in a position to clear the $4 psychological degree. Nevertheless, the worth rejection on the psychological worth zone might lengthen DOT’s closely bearish worth motion.
Sellers maintained dominance over DOT’s worth motion
Supply: DOT/USDT on Buying and selling View
The overwhelming management of sellers on DOT’s worth motion has been evident since mid-July. With a number of assist ranges succumbing to the promoting stress, 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 fireplace with a 7% worth dump over the previous three days.
Moreover, the RSI (Relative Energy Index) highlighted the sturdy promoting stress, 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 worth reversal.
As such, DOT might nonetheless sink under the $3.6 assist degree, with extra shorting positive aspects potential for sellers at $3.
Bearish sentiment continued in futures market
Supply: Coinalyze
The information from the derivatives market wasn’t encouraging for patrons. In keeping with Coinalyze, the Open Curiosity rose as worth declined. A rise in Open Curiosity together with a lower in worth principally signifies an inflow of latest quick positions.
How a lot are 1,10,100 DOTs value immediately?
As such, this might see an extension of DOT’s bearish downtrend in the long run.
Moreover, the Funding Price fluctuated between unfavourable and constructive, though it was largely unfavourable for the time interval into account. This might restrict any bullish state of affairs for DOT, with the upper timeframe market construction remaining firmly bearish.
