• Tue. Oct 4th, 2022
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1627982498452 f22a3563 f7a1 42cc a4c4 e09bc6cc2d96

  • Polkadot has been losing for the past one week, but the price remains stable.

  • The Polkadot ecosystem is the greenest in the crypto space.

  • DOT could slide further, but a bullish reversal is near after bear exhaustion.

Polkadot’s DOT/USD traded down 3.74% in the last 24 hours at press time on Wednesday. The declines in the week are now around 5.87%. The slide happened despite the bulls seeming to have taken control after a breakout of key resistance. A range of technical indicators suggests that further declines are possible. However, we are not yet in a bear market. 

There has been no major news from Polkadot lately, and most recoveries are due to market momentum. Expectations that the FED is unlikely to be too aggressive in its policy stance are boosting markets.

However, it is worth noting that Polkadot leads peers in the green revolution. It is ranked as the greenest blockchain. We do not insinuate that being the greenest blockchain supports DOTprice. Rather, it talks much more about its compliance with environmental standards that supports growing adoption.

Polkadot heads to $8.0 support as price weakens

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Source – TradingView

The daily chart technical outlook shows a bearish MACD crossover. The cross over suggests a continuation of the current weakness. DOT is also about to crash below the 21-day moving average. At the current price of $8.57, the token eyes $8.0 next. We expect a retest of the support soon before bullish reversal. 

Concluding thoughts

Polkadot’s bullish move remains in place. The current slide is a correction that is likely to see the token retest the $8.0 support. The support coincides with the 50-day moving average suggesting that DOT is unlikely to slip below $8.0. Investors should monitor prices for a chance to buy at the support.

The post Polkadot token prediction after MACD bearish crossover appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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