DOT Consolidates Near $7 Level As TAMA Promises Better Outlook

The Polkadot price prediction could break below the $6.5 support if the price fails to face the lower boundary of the channel.

Polkadot Prediction Statistics Data:

• Polkadot price now – $7.0
• Polkadot market cap – $7.7 billion
• Polkadot circulating supply – 1.1 billion
• Polkadot total supply – 1.2 billion
• Polkadot Coinmarketcap ranking – #12

DOT/USD Market

Key Levels:

Resistance levels: $9.0, $9.5, $10.0

Support levels: $5.5, $5.0, $4.5

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DOT/USD keeps moving below the 9-day and 21-day moving averages as the coin trades at $7.0 due to the renewed bearish momentum emanating from the rejection from the upside. However, the Polkadot price is currently trading with a 1.20% gain, and the coin may move sideways.

Polkadot May Range-bounds while Tamadoge Moves Bullishly

The Polkadot price may begin to consolidate in a flag formation as the coin consolidates. Nonetheless, the daily breakdown reveals that DOT/USD could delay its uptrend if the 9-day MA could not cross above the 21-day MA. Meanwhile, if the support level of $6.5 gets weak, a price break-down may occur and the sellers may find new lows at $5.5, $5.0, and $4.0 support levels.

On the other hand, any bullish movement above the 9-day and 21-day moving averages may push the market to the nearest resistance level of $8.5 before touching the potential resistance levels at $9.0, $9.5, and $10.0. At the time of writing, the technical indicator Relative Strength Index (14) is moving below the 40-level, suggesting bullish signals in the market.

Against Bitcoin, the recent sideways movement in the market is due to the price stability in the market and what the traders need to note here is that the market is preparing to change the trend and a short-term bullish breakout is most likely to play out because the technical indicator Relative Strength Index (14) is likely to cross above 50-level and this could find the nearest resistance level at 4000 SAT and below.

However, the only condition for the downward movement is if the buyers failed to push the coin to the upside, and also the 9-day MA remains below the 21-day MA. Therefore, any movement towards the south may locate the support level of 3100 SAT and below.

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Related:
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