CoinGapeNews

Polkadot Price Forecast: DOT recovery becomes an uphill battle while overhead pressure mounts

Polkadot hits a snag under $35, abandoning the upswing to highs past $40.
DOT seeks support at the 50 SMA on the 4-hour chart while trying to avert declines under $30.
Polkadot had staged an impressive recovery on Monday, extending the bullish leg from the recently formed support at $27. The token hit highs above $30 and pushed for gains beyond $35. However, bulls lost steam within a whisker of a confluence resistance created by the 100 Simple Moving Average (SMA) and the 200 SMA on the 4-hour chart.
The mission to achieve a new record high beyond $40 seems to be a pipedream at the time of writing due to increased resistance beneath the confluence level. DOT seeks higher support at the 50 Simple Moving Average (SMA). If this immediate anchor fails to hold, we can expect DOT to tumble further and perhaps retest $30.
The Moving Average Convergence Divergence (MACD) indicator had flipped massively bullish from last week. However, the indicator’s upward momentum has dramatically reduced. At the time of writing, the MACD line prints a horizontal trend, implying that the slightest resistance path is sideways.
DOT/USD 4-hour chart
Read more
DOT/USD price chart by TradingviewOn the other hand, traders should be on the lookout for the MACD’s return into the positive region. Besides, if the MACD line (blue) crosses under the signal line, massive sell orders are likely triggered. Another dip below $30 may not stop at $27 but could extend the bearish leg beneath $20.
On the upside, holding the support at the 50 SMA on the 4-hour …
Story continues on CoinGape

Related posts
Bitcoin.comcouncilEuropeGovernmentIsland CouncilNewsPedro MartínSell BitcoinSpainSpain Bitcoinspain bitcoin taxSpain CryptoTenerife

Spanish Island Government Decides to Sell Its Bitcoin Investment by Citing ‘Ethical’ Reasons

Bitcoin is not liked by everyone from the Island Council of Tenerife, Spain. At least that’s what was suggested by its president, Pedro Martín, who ordered the sale of the local government’s investment in cryptocurrency. Bitcoin Is an ‘Opaque’ Currency,…
NewsNews 1RippleSocialTrading ViewXRP

XRP holders claim major victory over SEC as court grants permission to file motion to intervene

In what is a major victory for many in the XRP Community, Attorney John Deaton has been granted permission to file a motion to intervene in the ongoing case between the SEC and Ripple Labs on behalf oThe post XRP…
CoinGapeNews

Ethereum Price Analysis: ETH V-shaped recovery seems unsustainable amid looming correction

Ethereum recovered extensively but failed to clear the resistance at $1,840. A correction from the V-shaped recovery would seek support at $1,700 and $1,550, respectively. Ethereum shot up on Monday, extending the recovery staged from the anchor at $1,550. The…