Polkadot’s [DOT] Impending Death Crossover can invalidate bullish cues

By June 10, 2021Bitcoin Business
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The altcoin camp such as Polkadot [DOT] was quick to follow Bitcoin’s [BTC] sharp retrieval on the 10th of June. The prolonged stunted buying pressure resulted in a weekly loss of 13. 95%. However, the most recent price action of the top digital assets together with the king coin’s uptick from a reduced signaled the market participants were on an aggressive buying mode on important dips.

Over the past 24-hours, Polkadot [DOT] jumped by 14. 22% that pushed is its price to $23. 91. In the time of writing, the digital advantage registered a market cap of $22. 86 billion plus a 24-hour trading volume of $2. 41 billion. )

Polkadot [DOT] Daily Price Chart:

Polkadot [DOT] exhibited a moderate recovery within the confined trendlines of a symmetrical triangle as traders continued to sell on rallies. Upon the completion of the blueprint, a breakout could transpire in either way. This area has faced numerous pullback attempts as, thus establishing a reliable defensive zone in the procedure.

But it looks like the bears are in control. The 100 DMA [Blue] moved across the 50 DMA [Pink] from the last week of May and the judge was on the upswing. Since the 50 DMA continued to slip , it appeared to be heading for an impending death crossover together with all the 200 DMA [Yellow] which rose above the cost candles this week, that was a super bearish sign.

The Klinger Oscillator dodged a bearish crossover after the rapid rebound. MACD’s tryst above the bullish territory has been choppy indicating an abysmal purchasing requirement in the DOT marketplace. The RSI, on the other hand, struggled to breakout over the 50-median line as a belief of buying pressure was cut short by the selling in the market.

The buyers might attempt to push the purchase price over the 200 DMA at $24. 53. Should they succeed, the DOT/USD pair may rally to the instant target stage of $30. 95 and $34. 17 before breaching its previously established record highs. But, Polkadot may stiff resistance in this region which would prompt a downward price action.

If a death cross materializes, it will start a huge bearish journey for the defi token sending its price to plummet to support levels of 17.9, and $8. 16 respectively.

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