bitcoin
Bitcoin (BTC) $ 23,008.16
ethereum
Ethereum (ETH) $ 1,567.96
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 305.30
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.409232
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.087741
cardano
Cardano (ADA) $ 0.381665
solana
Solana (SOL) $ 23.94
matic-network
Polygon (MATIC) $ 1.14
polkadot
Polkadot (DOT) $ 6.36
tron
TRON (TRX) $ 0.063027
bitcoin
Bitcoin (BTC) $ 23,008.16
ethereum
Ethereum (ETH) $ 1,567.96
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 305.30
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.409232
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.087741
cardano
Cardano (ADA) $ 0.381665
solana
Solana (SOL) $ 23.94
matic-network
Polygon (MATIC) $ 1.14
polkadot
Polkadot (DOT) $ 6.36
tron
TRON (TRX) $ 0.063027
-3.1 C
Chicago
HomeMarket UpdatesPolkadot (DOT/USD) token disappoints once more

Polkadot (DOT/USD) token disappoints once more


  • The Polkadot token has crashed by double digits prior to now two weeks

  • The cryptocurrency was among the many tokens closely shorted on main exchanges

  • DOT maintains a downtrend and the subsequent stage to look at is $3.9

Barely two weeks in the past, bets in opposition to many altcoins have been on the rise. Santiment information indicated that Polkadot (DOT/USD) was among the many cryptocurrencies focused by shorts on main exchanges. On the time of Santiment information on December 10, DOT was buying and selling at $5.3. The cryptocurrency now exchanges fingers at $4.5, a lack of 17%. Are the brief positions answerable for this?

The particular reply to the query could possibly be sure, though that’s not at all times the case. Elevated brief positions can truly increase an asset’s worth. That occurs when traders cowl their brief positions, resulting in a market phenomenon often known as a “brief squeeze.” Nevertheless, because it seems to be, there aren’t any indicators of a brief squeeze for DOT. The cryptocurrency maintains a downtrend, in all probability orchestrated by elevated promoting.

DOT outlook as worth heads to the 2020 lows

DOT/USDT Chart by TradingView

Turning to the weekly chart offers a glimpse of Polkadot buying and selling for the reason that bull market began. From the chart, DOT trades at its lowest stage since December 2020. Evidently, the cryptocurrency has misplaced all of the features it amassed in the course of the bull market of 2021.

The amount indicators present that liquidity is waning as DOT heads decrease. The value is about to seek out help at $3.96 subsequent. The present worth zone may curiosity consumers since that is the place the bull market began.

See also  Wyre limits withdrawals to 90% of buyer funds

Concluding ideas

It might be fascinating to see how the DOT worth behaves at or round $4. Any potential bullish reversal ought to begin right here. There is no such thing as a indication of that but, because the cryptocurrency stays very bearish.

Consumers may maintain DOT in consolidation mode on the essential zone earlier than discovering the vitality to interrupt larger. DOT-related developments and improved sentiment within the broader crypto sector are the occasions to look at. A bearish break at $3.9 may pit DOT under $2.

The place to purchase DOT

OKX

OKX is a high cryptocurrency trade which presents over 140 cryptocurrencies to spend money on.

OKX takes buyer safety very significantly, they retailer virtually all of their shoppers’ funds in chilly storage, and the trade is but to be hacked.

On high of this, the trade presents very low charges and prospects may even use their crypto as collateral for loans on the platform.

Purchase DOT with OKX right now

Bitbuy

Bitbuy – The crypto vacation spot of traders™. Trusted by over 400,000 Canadias, Bitbuy is suited to each newcomers and extra superior merchants with low buying and selling charges and deep liquidity. First Canadian registered market for crypto belongings accepted by the Ontario Securities Fee, and registered with FINTRAC as a cash providers enterprise

Purchase DOT with Bitbuy right now

CoinsTeacher

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Explore More

Related Articles