On Friday, the price of polka dots marginally declined as investors began to sell their positions after the recent recovery. DOT is currently trading at $7, just below the high for the week of $7.45. DOT’s market valuation has increased to over $7.9 billion after declining by nearly 87 percent from its all-time high. Its value at its height exceeded $20 billion.
Last week Polkadot Price Prediction In India 2022
According to the Polkadot pricing study, DOT was unable to surpass $7.20, and as a result of this rejection, the price fell below $7.00. DOT is now supported at the $6.70 level, but selling pressure is just growing.
Polkadot Price Today in India is ₹ 566.54 with a 24-hour trading volume of ₹35,03,22,73,402. In the last 24 hours, DOT-INR price has decreased by -1.33%. Polkadot CoinMarketCap rank is 11. The circulation supply of Polkadot is 1,12,94,37,292.63947DOT coins, with maximum circulating supply being unlimited.
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Latest News On Polkadot In India July 2022
This is what Polkadot [DOT]’s latest formation means for traders
Polkadot [DOT] kept trading within a persistent slump that went all the way back to November. While there was some relief in February and March 2022, the market’s shift toward panic in April stifled the buying pressure. The price of Bitcoin [BTC] was rising as of the time of writing. It quickly overcame the $20.7k hurdle, with $23k representing the next level of significance.
Following a rejection from the $23 level, Polkadot has been on a downward trend since the beginning of April. Since then, the price has made a number of lower highs, which are indicative of a downturn. This downward tendency did not change.
Fibonacci levels were plotted using the swing high and swing low at $11.87 and $6.36, respectively (yellow). The 38.2 percent retracement level typically presents strong resistance. The asset may be anticipated to rise toward the 61.8 percent level, which would be the next significant resistance level, if this level can be turned into support following a downward move.
Things were a little bit more difficult for Polkadot. The 38.6 percent retracement level at $8.46 has already rejected the coin twice. The pricing formed a range throughout the previous month while fluctuating between $6.4 and $8.4. At $7.45, the midpoint of this range, there was also a horizontal level of significance over the long run. Additionally, at $7.66, the 23.6 percent retracement level was very accessible.
The neutral 50 level was difficult for the Relative Strength Index (RSI) to surpass and hold above. Since early April, it has been below neutral 50, indicating the intensity of the bearish trend that has been driving Polkadot since then. The A/D line was softly moving northward, and the stochastic RSI had once again entered overbought territory.
This feeble upward movement suggested a sluggish demand for goods. The other indications underscored that sellers were still in control even though the Aroon Oscillator indicated an impending upward rise.
Conclusion
Trading participants might wait for the lows to be retested before thinking about purchasing DOT because a range has formed. However, if the $7.5 region turned into support, ambitious traders might try to position themselves long. Buying at the midpoint could be dangerous.
Source: AMBcrypto
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