Polkadot (DOT) Bearish Trends Amid Declining Interest
The post Polkadot (DOT) Bearish Trends Amid Declining Interest appeared on BitcoinEthereumNews.com.
Polkadot (DOT) faces bearish price trends with nearly a 50% decline from the local high of $12. Analyzing Key Indicators Such as Total Open Interest and Social Dominance. Technical Analysis of Polkadot The price of DOT has once again rejected the Ichimoku Cloud and is currently testing the Ichimoku Baseline in red, which aligns with the lower boundary of the Ichimoku Cloud. The trading price stands at $6.45. Polkadot Price Analysis (Daily). Source: TradingView The RSI trend indicates a downward movement, with the 14-day simple moving average (SMA) of the RSI reflecting this bearish momentum. Recently, the RSI has been trending towards the oversold territory, nearing the critical level of 30. This downward trend points to increasing selling pressure and potential further declines in price if the RSI falls below 30. The 4-hour chart highlights crucial resistance and support zones. The price recently fell below the 4-hour Ichimoku Cloud, indicating a bearish trend in this timeframe. The $6.23 price level has emerged as significant support. Read More: What Is Polkadot (DOT)? Polkadot Price Analysis (4H). Source: TradingView If DOT drops below this support level, it could signal a continuation of the bearish trend. Conversely, if the price climbs above the Ichimoku Cloud and the red baseline of the 4-hour Ichimoku Cloud, it could suggest a trend reversal and a potential shift to a bullish outlook. DOT Total Open Interest: Understanding the Bearish Trends From June 1 to June 13, the total open interest in USD for DOT across all exchanges showed a notable decline. Open interest was relatively higher on June 1 but began a downward trend, indicating reduced trading activity and interest. By June 13, open interest had decreased significantly, suggesting potential market uncertainty or a reduction in speculative positions. This trend aligns with the broader price action observed during…
Filed under: News - @ June 14, 2024 11:16 pm