Polkadot Price Movement Analysis for 8th April, 2021

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Since the beginning of the year, the Polkadot market has increased in volume by at least 368 percent. Though it started the year with a single digital valuation of $7, it was trading over $40 at the time of publication.

This boom may be attributed to the rise of blockchain finance and the rally in the crypto-market. DOT was ranked seventh on CoinMarketCap’s ranking, with a market capitalisation of $38 billion.

Polkadot hourly chart

The coin had gone through a correction process, according to DOT’s hourly table. The coin broke down on April 6 after staying well above the support level of $41. The digital asset’s worth was sent as low as $37 before seeing a turnaround.

At the time of publication, DOT was growing within an ascending channel, but since the previous pattern had been bearish, a price breakdown seemed to be more likely than a market surge.

Reasoning

The 18% correction in the DOT market caused extreme uncertainty and bearishness in the short term market. After the reversal and retracement, the Bollinger Bands remained diverged, suggesting the new market’s elevated volatility. Meanwhile, the surge pulled the signal line under, causing the DOT value to increase.

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Meanwhile, the 50 moving average stuck above the candlesticks, acting as a barrier to the price’s upward movement. Some metrics, on the other hand, were sceptical of the bulls taking over.

The Relative Strength Index indicated that the asset had reached an equilibrium condition in which the purchasing and selling forces had equalised. Nonetheless, the demand lacked traction to propel the coin’s worth higher. In reality, the Bitcoin market was already predicting short-term bearishness, indicating an impending decrease in the valuation of the altcoin market.

 

Crucial levels to watch out for

Entry-level: $41.30
Take profit: $40.08
Stop-level: $41.66
Risk to Reward: 3.43

Conclusion

Though recovering from the aforementioned crash, the DOT market has been growing within an ascending channel. Given the price’s bearish breakout of its previous trend, it can break down from its current trend. At the time of publication, the DOT market lacked the traction that could lead to a short-term decline.

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