- DOT’s price has fallen 0.42% over the last 24 hours according to CoinMarketCap.
- Altcoin Sherpa tweeted that he expects DOT to drop as low as sub $4.
- DOT’s price is currently attempting a recovery on its daily chart.
The price of Polkadot (DOT) has fallen over the last 24 hours according to CoinMarketCap. At press time, DOT’s price is down 0.42% over the last 24 hours and 9.73% over the last 7 days. As a result, DOT is now trading at $4.60.
DOT has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.84% and 2.79% respectively. Currently, one DOT coin is worth approximately 0.0002742 BTC and 0.003805 ETH.
The crypto trader, Altcoin Sherpa (@AltcoinSherpa), shared his view on the altcoin in a tweet yesterday. The trader expects DOT’s price to drop lower towards “sub $4”.
DOT’s price is currently trading below the 9-day and 20-day Exponential Moving Average (EMA) lines following a big drop in price on the 16th of December, 2022. This drop took the price of DOT down from a high of $5.250 to a low of $4.520. Thereafter, the Ethereum killer’s price consolidated for 48 hours before dropping again.
DOT’s price is trying to recover today as evidenced by today’s green candle and the small amount of buy volume that has entered its charts today. The daily RSI indicator suggests DOT’s price will recover slightly as the daily RSI line is sloped towards the overbought territory.
However, the 9-day EMA line will most likely be a strong resistance level that will annihilate any recovery attempt once DOT’s price reaches that level. If the daily RSI line is able to cross above the daily RSI SMA line, then there may be enough bullish momentum to break through the 9-day EMA line.
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