Polkadot Price Movement Analysis for 29th March, 2021

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Following Bitcoin’s rebound over the weekend, the altcoin industry has also seen significant improvement. Many altcoins, on the other hand, were moving sideways in the long run. Polkadot was one of the alts that witnessed fast growth, but it gradually became overpriced.

Polkadot, with a market capitalisation of $29.821 billion, was valued at $32.02 at the time of publication.

Polkadot [DOT] Daily Chart

The price of DOT was consolidating between $32 and $40 after a steep increase within the ascending channel. However, it recently broke through the support level of $32 and was hanging around the next support level of $27.

The coin’s steady movement will continue at this stage, with no dramatic price fluctuations in the long run.

Reasoning

The sector has lost steam, allowing for a broad price swing. Despite the fact that the stock was becoming more volatile, the Bollinger Bands warning line had risen beyond the candlesticks, signalling a bearish trend in the market.

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This was supplemented by the 50 moving average, which was currently serving as a wide axis for the price to oscillate through.

The Relative Strength Index, on the other hand, indicated that DOT was under immense selling pressure as the price approached $27. However, investors moved the price higher, but the digital asset suffered a similar sell-off.

The MACD predictor, on the other hand, indicated a rapid fall in the asset’s movement during the month of March. The market has been bearish all month and can continue on this route.

Conclusion 

The current Polkadot market, though volatile, will have to wait for a while before experiencing a price swing. The market has lost its bullish momentum, and although bearishness has not risen, it has been the dominant theme witnessed during the month. DOT will continue to follow bears until there is a sudden change of momentum.

 

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