Polkadot Price Movement Analysis for 6th March, 2021

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The demand in Polkadot has risen considerably over the last few months, both in terms of volume and fundamentals. Indeed, the development of DOT can be shown by the fact that the demand for Open Interest in Polkadot’s Futures has been on the rise recently. At the time of publication, DOT was priced at $33.24, with an altcoin market capitalisation of $30.62 billion.

Polkadot [DOT] 6-hour chart

Polkadot’s six-hour [DOT] map pointed out that late, its value was dwindling inside a descending triangle. DOT’s declining price was protected at $30.82, but industry dynamics signalling that a further decline in value could be inevitable.

Such an insight would make Polkadot a good gamble for short-term traders.

 

Reasoning

The Bollinger Bands indicated that the DOT market was scarcely volatile when the bands converged. However, the dropping price may have led to the convergence of the bands. In the meantime, the Signal line was passing over the candlesticks while the dealers started to sell.

With the altcoin price checking of the funding, the bearish trend could lead to a decline in the price of the digital asset. In addition, the MACD tracker highlighted the extreme bearishness of the sector, with the MACD passing under the Signal line. Ergo, the dominant demand dynamics appeared to be on the sidelines of the buyers, something that might lead to a near-delivery.

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Although the Relative Strength Index bounced from the overcrowded region, it was found that it was reaching balance at press time. This, though, appeared to mean that the sellers were aiming to level the market.

 

Crucial levels to look out for

Entry-level: $30.89
Stop-level: $35.01
Take profit: $25.42
Risk to Reward: 1.33

Conclusion

Polkadot’s six-hour chart demonstrated the bearish pattern that has spread through the industry. This bearish pattern could lead to a drop in the value of the digital asset to $30. However, in the meantime, the price of the altcoin may begin to fluctuate throughout the descending triangle and across its support stage.

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