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Polkadot Price Prediction: DOT Falls 5% – Setting Its Sights Higher?

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Polkadot
Polkadot

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The overall cryptocurrency market has plunged by 6% in market capitalization, and the big movers in the crypto space are reflecting this fall. A prominent altcoin and open-source multi-chain protocol, Polkadot (DOT), shows a decline massive in its 24-hour market price.

While many experts suggest that the next surge could abound higher than the historical records, the increasing US bond yield may likely be behind today’s down crypto market.

High US bond yields increase borrowing expenses and favor traditional assets, potentially decreasing cryptocurrency demand. Since the US dollar has become more robust due to higher profits, cryptocurrencies are facing a push, influencing their market and prices.

Although this downtrend projects a bearish market trend, it could provide the perfect buying opportunity for traders and investors to enter the market at lower prices.

Polkadot DOT’s Bulls Interrupt the Oversold Market Condition – Setting Higher Target

Besides the dip across the overall crypto market, Polkadot has experienced several losses in its price over the past month. 

The coin lost 13.4% within 30 days, 10% in 14 days, and another 10% in seven days. These losses are attributable to the high selling activities in the asset market during these periods.

Today, August 18, 2023, Polkadot’s price is down by 5.9% as of 7:12 am EST. While its price sits at the $4.5 level, its 24-hour trading volume is up by 38.9% to $190 million within the same time frame.

Given its current price movement and market condition, Polkadot shows signs of additional declines in the coming week.

Polkadot Daily Chart

In the chart above, DOT’s Moving Average Convergence Divergence (MACD) indicator is below the signal line and has four bold red histogram bars. This shows the coin’s bearish momentum is strong and has been in a negative trend in the last four days.

Polkadot

Also, Polkadot (DOT) is trading below its 50-Day and 200-Day Simple Moving Average (SMA). This depicts the coin’s overall bearish market trend, suggesting more red days for DOT in the coming weeks.

However, conversely, DOT has formed a green candle stick after three consecutive red candles. This shows the increased buying pressure on the coin’s price, interrupting the selling activities in the last three days.

Furthermore, the coin’s Relative Strength Index (RSI) is at 27.31, moving upward through the oversold region (below 30). The RSI’s upward movement reflects the green candlestick formation, increasing buying activities in DOT’s market. 

If the buying activities remain consistent and increase advancements, the RSI could break into the neutral zone between 30 and 70. But if the bears mount more pressure on DOT’s price, the bearish momentum may continue.

Given the bearish momentum and oversold market condition on Polkadot’s price, traders may start buying the coin at its low price, triggering a trend reversal to the upside. 

However, initiating strategic trading setups is advisable to maximize profits from this market trend. 

DOT’s Oversold Market Projects Perfect Buying Opportunity

DOT’s oversold market condition shows its price has experienced a significant and rapid decline, lower than its perceived value. 

While this could heighten the level of selling pressure, leading to further price declines, it could attract bargain hunters and contrarian investors looking for opportunities to buy assets at a low price. 

DOT’s oversold condition projects a potential reversal signal. The green candle formation shows that the coin has found support at the $4.42 level. A bounce could occur as more investors and traders buy at this price, driving the upward-facing RSI to the neutral zone and beyond in the long run.

While oversold conditions can provide potential buying opportunities, they should be considered in the broader market dynamics and risk tolerance context.

In anticipation of Polkadot’s recovery, investors seeking short-term investments with high reward potential may consider the new price-explosive coin, Sonik.

First Stake-to-Speed Crypto Project, Sonik, Gains Massive Milestone in Its Token Presale

The revolutionary Sonik, posing as the pioneering ‘stake-to-speed’ crypto project, offers a meme-driven asset SONIK with its Ethereum-based smart contract staking. 

Boasting a limited token supply of 299,792,458,000, SONIK allocates 40% of this total supply for gradual circulation via its four years of staking, supported by a minimum 7-day commitment for early participants. 

A remarkable Annual Percentage Yield (APY) exceeding 16,000% awaits initial stakers, which reduces over time as the community flourishes.

Additionally, 10% of the tokens are reserved to fortify liquidity across decentralized exchanges. This will help foster stability.

At the end of the presale, SONIK will commence trading on the Uniswap platform to strengthen its acceleration towards exponential growth and the ambitious prospect. This way, it will achieve a $100 million market capitalization indicated in its roadmap. 

SONIK has emerged as an alluring contender in meme-powered digital assets, presenting distinctive use cases that distinguish it from others like Pepe.

Staking opportunities with Sonik’s coin will start immediately after the presale ends, with half of the token pool dedicated to achieving targeted hard-cap funding of $2,098,547. 

SONIK’s presale phase, consisting of one stage, has successfully garnered over $145K, trading at $0.000014. 

This ongoing presale creates an ideal entry point for interested investors considering an investment with the ‘stake-2-speed’ trailblazer SONIK, set to reshape the meme coin landscape.

Investors interested in this high-potential asset can participate by using their USDT or ETH to get the $SONIK token. 

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