Polkadot (DOT) At $9.30; Are There Trend Shift Chances?

Polkadot has recorded price declines within the past couple of days. The altcoin saw continued price dips despite lateral trading. Meanwhile, DOT crashed within the broad market, losing 4.2% over the previous 24 hours. The alt recorded minor gained within last week.

Most altcoins maintained downtrends or sideways actions due to broad market weakness. Polkadot broke beneath its critical support barrier at $14 and retained declines since. Meanwhile, buying momentum faded within no time as bears dominated price tendencies. Polkadot has attempted upsurges despite strengthening bearishness, encountering selling strength on each attempt.

For now, bulls need to propel DOT beyond $9.60 to attract buyers to the market. That might ensure relief for DOT investors.

1 Day Timeframe

The daily chart shows DOT trading near $9.30. The altcoin has consolidated while attempting to overcome near-term hurdles. Meanwhile, bears got stronger, translating to faded buying strength. A downward move beneath $9.30 might see the alternative token on extended plummets towards the support barrier near $8.71.

That would mean Polkadot hitting levels never touched since August 2021. On the other side, the immediate resistance stands at $10, and pushing beyond this hurdle would see the alt exploring the $11.88 territory.

Current bearishness saw the asset’s trading volume slumping to the red region. That confirmed weak bullishness during this publication.

Technical Analysis

The Relative Strength Index shows Polkadot’s buying momentum on a consistent surge. Also, the indicator maintained uptrends. While publishing this article, the token flashed drops in buying pressure as the RSI kept a downswing, signaling increased selling strength.

Can Polkadot register a price action shift? Well, the toke hovered slightly beyond the 20 Simple Moving Average line. That means buyers are gaining strength, and sellers may lose momentum to control market momentum.

Polkadot displayed a ‘buy signal, translating to a potential trend shift in the price. The MACD shows bullish momentum for the altcoin as it flashed green bars. Meanwhile, the BB narrowed, meaning declining price volatility. That would translate to fewer price variabilities. Increased buying strength within the upcoming trading sessions can see DOT toppling its closest resistance zone.