Sophia's Blog

Sophia's Blog

Polkadot was priced at $15.13 and was still down by 2.39%

Polkadot [DOT] was currently priced at $15.13 and was still down by 2.39% over the past 24-hours. It registered a market cap of $14.67 billion. DOT’s sell-off has been extensive as it dropped to pre-Feb levels but signs of an uptrend sprung up.

Following a minor recovery after yesterday’s correction, the dotted markers of the Parabolic SAR aligned below the DOT price candles depicting the formation of a crucial support at the current region. The OBV indicator, however, observed a lack of volume, which could be attributed to the price being stuck near the 2021-lows.

The Stochastic RSI bounded from the overbought territory and sustained a bearish crossover but was still in the bullish zone. This could indicate that a profit-taking phase is likely over and buyers could emerge thus pushing the price higher.

If Polkadot gains the necessary momentum, the asset could reclaim its resistance levels of $25.93, and $39.8. On the flip side, the support levels were found at $14.56, and $8.30

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