In this Polkadot technical analysis, we will examine the current price action, trading volume, key levels and indicators for DOT-USDT. Polkadot is an open-source blockchain platform that enables the interoperability of different blockchain networks, allowing them to communicate and exchange value with one another. This innovative technology has the potential to revolutionize the way we think about decentralized applications and cross-chain interactions. With its unique multi-chain architecture and parachain concept, Polkadot is poised to unlock new use cases and possibilities in the world of blockchain and cryptocurrency.
Polkadot Price Overview:
As of May 16, 2024, Polkadot is trading at approximately 6.865 USDT. Let’s dive into the detailed price action for DOT-USDT:
| Metric | Value |
|---|---|
| Open (O) | 6.961 |
| High (H) | 7.02 |
| Low (L) | 6.812 |
| Close (C) | 6.865 |
| Volume (C) | 2,193,134.56 |
- Open (O): The opening price for today’s trading session was approximately 6.961 USDT.
- High (H): Polkadot reached a daily high of around 7.02 USDT.
- Low (L): The daily low for DOT-USDT was approximately 6.812 USDT.
- Close (C): At the time of analysis, Polkadot is trading near its daily close of 6.865 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | -1.38% |
| 3D Change (%) | 2.94% |
| 7D Change (%) | -2.62% |
| 30D Change (%) | 2.43% |
| 90D Change (%) | -10.23% |
| YTD Change (%) | -16.31% |
Over the past three days, DOTUSDT has risen by approximately 2.94%, showcasing increased market volatility. Throughout the last week, it continued to fall, with a loss of around -2.62%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with DOTUSDT maintaining an upward trend of approximately 2.43%, despite intermittent fluctuations. Examining the last 90 days, DOTUSDT has witnessed substantial fall of approximately -10.23%, reflecting strong long-term confidence. Year-to-date, DOTUSDT has steadily depreciated by around -16.31%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Polkadot Live Chart:
You can access a live price chart for DOT-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.50499.
- Momentum score is 0.00044.
DOT USDT Technical Analysis
Polkadot Trading Volume:
The trading volume for Polkadot (DOT) over the past 24 hours has been insignificant, with approximately 2,193,134.56 USDT traded against DOT. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): DOT is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Polkadot is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for DOT-USDT is currently in the neutral zone, around 45.29338. This suggests that Polkadot is in range-bound territory.
Analysis from TradingView:
Our Key Takeaways:
Polkadot (DOT-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the neutral RSI and insignificant trading volume are neutral signals for potential sideways movement.
Explore potential downturns for Polkadot (DOTUSDT) at 6.87 USDT, supported by cautionary indicators and weakened fundamentals, as revealed in technical analysis.
Explore more with our thorough insights on DOT BTC Polkadot Technical Analysis — an essential read if you enjoyed the content of this post.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.