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Polkadot Price Prediction: Will the DOT Price Fall Back to $6?

 


The polkadot course returned to the golden ratio support at around USD 7.4, from which the DOT course was initially able to bounce.


Polkadot Price Prediction: DOT price bearishly dismissed

In the last Polkadot price forecast we wrote: “ The Polkadot price could now correct to USD 7.4 . If the DOT price breaks the current support between USD 8.25 and USD 8.4 bearishly, the next significant Fibonacci support is waiting for Polkadot at around USD 7.4. Although it looks like a correction in the short term , the DOT price is still very bullish in the medium term.”


Polkadot course corrected to golden ratio support around USD 7.4

After the polkadot course was rejected bearishly at the golden ratio resistance at around USD 9.7 , the DOT course returned to the golden ratio support at around USD 7.4, from which DOT was initially able to bounce off bullishly . However, DOT ended the upward movement without reaching the 0.382 Fib resistance at around USD 8 and is thus once again at the golden ratio support at around USD 7.4.


There, the DOT price could now bounce again to reach the 0.382 Fib resistance at around USD 8 . There is also significant resistance at the 50-day EMA at around $8.11. Furthermore, the DOT price has to break the golden ratio at around USD 8.7 to end the correction.


Additionally, MACD histogram has been ticking bullish higher for the past few days and despite the last three bearish days, the histogram continues to tick bullish higher. The upward movement could therefore continue soon.


A death cross established itself in the 4H chart

The 4H chart, on the other hand, is bearish. For one, the MACD lines are bearishly crossed and the histogram of the MACD is ticking bearishly lower. On the other hand, a death cross was established, which confirms the trend bearishly in the short term.


In addition, the 4H chart makes it clear why the polkadot price could not reach the 0.382 Fib resistance at around USD 8. Because the DOT course was already rejected at the 50-4H-EMA at around USD 7.7 in a bearish manner.


If the golden ratio breaks support around $7.4…


If the polkadot price breaks the golden ratio support around $7.4, the DOT price could return to the last low around $6. Because Polkadot only finds support again between USD 6 and USD 6.8.


In the weekly chart, however, the MACD is clearly bullish, because the MACD lines have crossed bullishly and the histogram has been ticking bullishly higher for several weeks. The RSI is neutral.


Polkadot price could even fall to around USD 3.5

If Polkadot itself breaks the support between USD 6 and USD 6.8 in a bearish manner, there will only be significant support again between USD 3.5 and USD 4.2 for the DOT price.


Against BTC, Polkadot got a bearish rejection at the 200-day EMA

Against BTC, the polkadot price was bearishly rejected at the 200-day EMA around 0.0004 BTC. The DOT price is currently at the 0.382 Fib support at around 0.00035 BTC and should this be broken bearishly, DOT will find the next support at around 0.000315 BTC.


In addition, the MACD lines are bearishly crossed on the daily chart and the EMAs are in a death cross. The histogram, on the other hand, has been ticking bullishly higher for a few days.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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