DOT/USD Price May Go Below $5.0 Support

dotusd 05122022

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Looking at the daily, the Polkadot price prediction shows that DOT is yet to climb to the upside as the price could slide below $5.0.

Polkadot Prediction Statistics Data:

  • Polkadot price now – $5.39
  • Polkadot market cap – $6.1 billion
  • Polkadot circulating supply – 1 billion
  • Polkadot total supply – 1.2 billion
  • Polkadot Coinmarketcap ranking – #11

DOT/USD Market

Key Levels:

Resistance levels: $6.5, $7.0, $7.5

Support levels: $4.5, $4.0, $3.5

DOT/USD is currently struggling to gather momentum below the 9-day and 21-day moving averages at the moment. Meanwhile, the nearest key level of support remains at $5.3, but if the Polkadot breakdown with a daily candle closes below the level, it may likely slump towards the lower boundary of the channel.

Polkadot Price Prediction: Polkadot (DOT) Not Ready for The Upside

The Polkadot price is currently facing the downside, if the market price crosses into the negative side, it can experience a period of bearish momentum, and it could target the nearest support level at $5.0 before reaching the support levels of $4.5, $4.0, and $3.5. Meanwhile, for that not to happen, the coin would need to push its movement above the 9-day and 21-day moving averages.

Though, if the Polkadot (DOT) breaks above $5.5, it may likely face a bullish movement with a possible bullish cross above the upper boundary of the channel. Should in case the price decides to maintain the bullish movement, the coin may likely find the potential resistance at $6.5, $7.0, and $7.5, while the technical indicator Relative Strength Index (14) remains below the 50-level, suggesting a downward movement.

Against Bitcoin, the Polkadot price could follow a bearish sentiment, and it may continue to trade below the 9-day and 21-day moving averages. However, should bulls try to gain momentum, the bears may continue to release huge pressure on the market as the technical indicator Relative Strength Index (14) crosses below the 40-level, to give more bearish signals.

dotbtc – daily chart

Meanwhile, if the Polkadot price faces the lower boundary of the channel, it could hit the nearest support at 3100 SAT. Any further negative movement may lower the price to 2900 SAT and below. In case of a rebound, the coin can revisit 3200 SAT above the moving averages before resuming the rally, which could see a bull run to the resistance level of 3500 SAT and above.

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