Downward Forces Acting On DOT/USD, TAMA Heads Skywards

By September 16, 2022Polkadot
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Downward Forces Stays Active In DOT/USD Market, TAMA Heads Skywards

After DOT’s price action retraced above the $7.75 level, it then performed a downward reversal movement. The reversal initially caused a loss of about 7.1% loss in value. Furthermore, the price soon picked up from there in what seems like a bullish reversal. However, that hope was cut short, as selling pressure soon became active once more.

Polkadot’s Forecast Statistics Data:
DOT’s current price: $6.93
Polkadot’s market cap: $7.84 billion
Polkadot’s circulating supply: 1.12 billion
The overall supply of Polkadot: 1.23 billion
DOT’s Coinmarketcap ranking: #11

In this analysis, we shall closely examine signs given by trading indicators. This will be done to derive a better way to handle this market. Additionally, we shall also examine the DOT/BTC market, with the same aim as that of the DOT/USD market.

Key Value Marks:
Resistance Level: $7.00, $7.50, $8.00
Support Level: $6.93, $6.50, $6.20

Downward Forces Stays Active In DOT/USD Market, TAMA Heads Skywards

DOT Stays Depressed, FOMO on TAMA

After a short break in DOT/USD downtrend, selling pressure resumes and aims at tearing down lower support. The most recent price candle on this chart signals a strong selling pressure, which has further sunk the price to $6.93. Also, the Stochastic RSI keeps signaling that sellers are active in this market, as its lines plunges towards the oversold area. Consequently, this may cause Polkadot’s price to fall lower to around $6.70. Therefore, traders may consider executing a sell order to avoid further losses. While traders wishing to enter can position a buy order just above the $7.27.

Downward Forces Stays Active In DOT/USD Market, TAMA Heads Skywards

Polkadot Price Analysis: DOT/BTC May Minimally Correct Downwards

The DOT/BTC daily chart portrays better signs than that of the DOT/USD. Nevertheless, It appears as if possibilities of a downward retracement may be showing up here. We can perceive that the last candle on this chart formed bearish after a bigger bullish one was formed. This may be pointing to a possible downward correction, although this might be a minimal one.

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Nevertheless, the Stochastic RSI keeps revealing that buyers are gathering more momentum. However, the curves of this Indicator is still very much under the overbought area of 27.96% and 18.13% precisely. The behavior of the RSI and candle formation may be conflicting at this point. Consequently, Traders might lay in wait to see if the price action will resume an uptrend, by placing a pending entry order around 0.0003597.

Tamadoge completed the seventh phase of the presale over a month after it kicked off. The TAMA token was priced at 1 USDT = 40 TAMA during this seventh phase. After the $13.25 million milestone was achieved, the token’s price appreciated to 1 USDT = 36.36 TAMA, which is now the eighth phase. The eighth phase will be completed soon if the demand continues piling up at the rate it has done over the past month. The next phase will be the ninth and final phase. The price will also be higher during this phase as 1 USDT = 33.33 TAMA tokens.

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