Polkadot Price Analysis: 11 January – AMBCrypto News
Cardano [ADA] would need to climb past this level to break its bearish movement Bitcoin [BTC] maximalists are closely looking at these factors with $21k in sight Atom’s on-chain metrics may be bullish, but will market conditions see eye-to-eye? Mixer usage reaches ATH as YTD volume doubles as compared to 2021: Chainanalysis report Are Shiba Inu [SHIB] whales responsible for the alt’s latest uptick? Bitcoin [BTC] maximalists are closely looking at these factors with $21k in sight Bitcoin: Before you take long trades of BTC’s $20k breakout, read this Bitcoin: On lower timeframe, buying BTC in this area could be quite risky Bitcoin faces greater downside risk than Ethereum- Here’s why This exec believes ‘it’s pretty obvious’ Ethereum is a security ETH’s inflection point might be around the corner, here’s how Ethereum: Expect this from ETH after the low volatility phase Ethereum: The yin-yang of Merge and ETH’s negative price action This exec believes ‘it’s pretty obvious’ Ethereum is a security Ethereum [ETH] makes a big jump as investment products see… Published on By Disclaimer: The findings of the following analysis is the sole opinion of the writer and should not be taken as investment advice The cryptocurrency market noted a large price swing yesterday. As the value of the largest digital asset, Bitcoin fell from $40k to $35k, and the overall altcoin market fell. The price of Polkadot has been noting strong downward momentum and the price has once again touched the support at $6.97. At the time of writing, the price of DOT was at $7.77 and the selling pressure in the market may signal a short trade. DOT one day chart Source: DOTUSD on TradingView The daily chart shows the various levels of resistance the price of DOT has surpassed to peak at $11.99. Although the market appeared bullish, the price swing is likely to change this trend. The chart indicated two consecutive red candles noting strong downward pressure. This indicated that the price of the digital asset may plunge further. Reasoning The Bitcoin market has also been awaiting a large correction and as the price fell by almost $5k within hours, this could be a possible correction. As BTC’s price continued to sink, DOT’s price may also be pulled down along with it due to the correlation between Bitcoin and altcoin. Meanwhile, the relative strength index, which remained in the overbought zone, has fallen to the equilibrium level. At this point, the selling and buying pressures were equal, which meant the traders were actively participating in the DOT market. The Awesome Oscillator also indicated the falling of bullish momentum in the market as the selling increases. Important Levels Entry: $7.98 Stop-Loss: $8.77 Take-Profit: $5.72 Risk-to-Reward: 2.89 Conclusion Polkadot’s price has been hit with bearish sentiment and has been spiraling down. The coin may continue to descend as the pressure from the Bitcoin market is also likely to influence it. The traders might be able to take a profit as the coin slips closer to its support at $5.71.
Student turns millionaire after finding private keys to 127 Bitcoins Should you buy the recent Bitcoin dip? Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space. With Polkadot [DOT] suffering a bull trap on the charts, here’s all you need to know Polkadot rises strongly, but how high can it really rally More losses for Polkadot, but is there an opportunity going forward Polkadot can make a comeback once it finds itself at this support region Polkadot could continue its drawdown following these signals Polkadot needs assurance on these counts before making a new ATH Your email address will not be published.Required fields are marked *
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.