29.11.2023 09:42 PM
Polkadot sellers in charge

Polkadot is trading in the red at 5.1764 at the time of writing and it seems strongly bearish. In my opinion, Bitcoin's drop forces the altcoins to drop as well. Technically, the price action signaled that upwards movement ended and that the sellers could take full control again.

Still, a new leg down needs confirmation, that's why we have to wait for fresh opportunities. The altcoin is down by 2.11% in the last 24 hours and by 0.57% in the last 7 days.

Polkadot Sell-Off!

This image is no longer relevant

As you can see on the H1 chart, the rate dropped below the uptrend line which represented a dynamic support, signaling a larger drop. Now, it has tried to come back to test and retest the broken downtrend line but it has failed, indicating strong downside pressure and exhausted buyers.

Personally, I've drawn a downtrend line, so as long as it stays below it, the rate could drop deeper. Now, it's trapped between 5.4107 and 5.0396 levels.

Polkadot Prediction!

Dropping below 5.0396 activates more declines and brings new short opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback