Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- DOT continued to commerce underneath $4, as sellers appeared to increase their good points.
- Shorts held a major benefit within the futures market.
The failure by bulls to reclaim the $4 assist degree on Polkadot [DOT] after sellers broke by means of noticed the altcoin sink by 5.9% over the previous 48 hours. This noticed value headed towards the weekly assist degree of $3.6, as of press time.
How a lot are 1,10,100 DOTs price in the present day?
The sustained promoting strain may see DOT set one other report low for 2023 within the coming days. In the meantime, Bitcoin [BTC] continued to commerce underneath $27k, because the market skilled a value correction.
As per AMBCrypto’s newest evaluation, DOT posted important losses for the reason that starting of October given a heavy bearish strain. Between 2 and 10 October, DOT misplaced greater than 10% of its worth.
Bulls unable to resist heavy promoting strain
Supply: DOT/USDT on Buying and selling View
The 12H value chart highlighted the extraordinary promoting strain on DOT. After the break of the bullish protection on the $4 assist degree on 9 October, sellers went on a spree with DOT recording a sequence of bearish candles in a row.
The swift descent of value towards the subsequent assist degree of $3.6 (weekly timeframe) may prolong the promoting strain with a bullish rebound trying unlikely within the quick time period.
Moreover, a have a look at the on-chart indicators painted a grim image for bulls. The On Stability Quantity (OBV) remained in perpetual decline whereas the Relative Power Index (RSI) slipped into the oversold zone. Each signaled the numerous promoting impression on DOT’s value.
As well as, the Chaikin Cash Move (CMF) hit -0.20, a dive deep into destructive territory which confirmed the heavy outflow of capital from DOT.
Thus, the decline of BTC under $27k may see sellers prolong their good points within the quick time period.
Sellers held large leverage within the futures market
Supply: Coinglass
Learn Polkadot’s [DOT] Worth Prediction 2023-2024
The Trade Lengthy/Brief ratio on Coinglass confirmed that promoting positions eclipsed shopping for positions by over $7 million. This translated to a 52.85% market share for shorts. This hinted that sellers may prolong their affect over DOT’s value motion, because of the ongoing market correction.