After a significant plunge in the Polkadot (DOT) market in recent hours, the price of DOT slid by 8.26% to $6.09, as of press time.
As a result of heightened selling pressure in the DOT market, market capitalization fell by 6.08% in the last 24 hours to $7,003,859,876 while 1-day trading volume climbed by 41.78% to $864,298,255.
DOT/USD 1-day price chart (Source: CoinMarketCap)
Keltner Channels bands are drifting downhill, with the upper band reaching 7.24 and the lower band hitting 5.97, indicating that the DOT market is in a period of depression.
The Coppock curve is moving below the zero line with a reading of -17.63 and is trending downwards, signaling that the bearish trend will continue. This is a negative sign for APE investors, indicating that the sell signal might be used to finish out long positions.
The MACD blue line, which moves in the negative region with a reading of -0.16 and points south, also confirms this negative momentum, indicating that the bears may remain in control of the price.
DOT/USD 4-hour price chart (Source: CoinMarketCap)
The widening Bollinger Bands show intense selling pressure, with the upper band touching 7.44 and the lower band touching 6.02. Market price movement towards the lower bands maintains this momentum.
With a reading of 0.02 and trending south, the Chaikin Money Flow (CMF) has lately made a bearish crossover and is moving towards the negative area.
DOT/USD 4-hour price chart (Source: CoinMarketCap)
As the bears maintain control of the Polkadot (DOT) market, technical signs indicate towards continuous bearish run.
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Source: Cryptocurrency - investing.com
