Polkadot Price Prediction As $230M Trading Trickles Rushes In

The crypto market is experiencing a pullback on Thursday as major assets like Bitcoin (BTC) and Ethereum (ETH) flashed red. Other top-cap altcoins like DOT have not been left out, with the market floating in a sea of red. At press time, the Polkadot price was trading at $6.39, down 2.6% on the day, according to data from CoinMarketCap. 

The multichain protocol token has recorded approximately $233 million in trading volume which is up 14% in the last 24 hours. Its live market cap stands at $7.42 billion, placing at #12 on the CoinMarketCap ranking. 

Support at $6.15 is the last line of defense and must be aggressively defended to avoid further losses. If this support is breached, DOT would be forced into the demand zone stretching from $5.0 to $6.0. 

Polkadot Price Hangs In The Balance – Key Levels To Watch

DOT price sits on top of a key support level provided the 200-day Simple Moving Average (SMA) at $6.15. Keeping the integrity of this buyer congestion zone should be at the top of the bulls’ priority list.

The first time the Polkadot price attempted to breach the critical support at $6.0 in confluence with the ascending trend line, odds flipped against the bears, culminating in gains to $7.89. The bears are making another attempt to pull the price below the 200-day SMA toward this support level.

Therefore, it would be prudent for the bears to collect as much liquidity as possible before attempting another bearish breakout. Already sidelined sellers should take advantage of the rally to $6.66 to book profits before Polkadot retraces further.

DOT/USD Daily Chart

Short orders may be triggered as DOT produces a daily candlestick below the 200-day SMA at $6.15 with the line of defense tentatively set at $6.0 for day traders. The second bunch of orders may preferably be placed below the same price level at $6.0. However, a break and hold below the 100-day SMA (in red) could go a long way to reinforce the bearish outlook in Polkadot for declines eying $5.0 and $4.0, respectively.

From the same daily chart, it can be deduced that sellers have the upper hand, for now. Notice the sell signal from the Moving Average Convergence Divergence (MACD) indicator that took place on February 25 when the 12-day Exponential Moving Average (EMA) crossed below the 26-day EMA was still in play, adding credence to the pessimistic outlook. 

Moreover, the MACD was moving downward toward the midline, suggesting that the path with the least resistance is on the downside. Polkadot’s downtrend will gain more momentum once the MACD crosses below the zero line into the negative zone.

On the upside, investors should closely watch the Relative Strength Index’s (RSI) movement above the midline as it could trigger a recovery, possibly above the immediate resistance line at support at $6.70.

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