{"id":141574,"date":"2023-09-01T21:18:10","date_gmt":"2023-09-01T15:48:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=141574"},"modified":"2023-09-01T21:18:10","modified_gmt":"2023-09-01T15:48:10","slug":"polkadot-presents-a-possible-range-formation-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/polkadot-presents-a-possible-range-formation-crypto-news\/","title":{"rendered":"Polkadot presents a possible range formation &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Polkadot has a bearish market structure in the short term.<\/em><\/li>\n<li><em>A reversal was not likely as things stand but the price was within a higher timeframe area of interest.<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/dot\" data-wpel-link=\"internal\">Polkadot [DOT]<\/a> saw a strong rally in June that saw the prices go from $4.2 to $5.5. The bulls tried to breach this level, but were unable to close a daily trading session above the $5.56 resistance level.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/polkadot-price-prediction\" data-wpel-link=\"internal\">Polkadot\u2019s [DOT] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p>In August, the price began to trend downward as sellers strengthened their hold on the market. But things could begin to change as DOT enters a demand zone. Can the bulls reverse the past month\u2019s losses?<\/p>\n<h4>Polkadot was trading within a higher timeframe area of interest<\/h4>\n<div id=\"attachment_337900\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-price.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-337900\" class=\"size-full wp-image-337900\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-price.png\" alt=\"Polkadot [DOT] presents a possible range formation- here's what traders can expect\" width=\"1940\" height=\"1099\" \/><\/a><\/p>\n<p id=\"caption-attachment-337900\" class=\"wp-caption-text\">Source: DOT\/USDT on TradingView<\/p>\n<\/div>\n<p>DOT had a bullish order block from the 1-day chart at the $4.5 area. To the south, the $4.22 level was a significant support level. It was a level that Polkadot rallied from in early January this year. Therefore, this was an area of interest where a bullish reversal could occur.<\/p>\n<p>The indicators did not support this idea at press time. The OBV has been in a downtrend over the past week, showing high volumes of DOT sold. The RSI was also beneath neutral 50 and outlined bearish momentum. Moreover, the price and the RSI were making a hidden bearish divergence.<\/p>\n<p>This showed that further losses were likely. The H4 chart showed that a recent lower high was at $4.56. A move past this level would break the market structure and flip it bullishly. This would be the first step toward recovery and can serve to alert traders of a possible long trade.<\/p>\n<p>Invalidation of this idea would occur if DOT fell below the $4.4 short-term support, as it would indicate bulls were weak.<\/p>\n<h4>The market sentiment remained bearish as selling pressure continued<\/h4>\n<div id=\"attachment_337898\" style=\"width: 1929px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-337898\" class=\"size-full wp-image-337898\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Polkadot [DOT] presents a possible range formation- here's what traders can expect\" width=\"1919\" height=\"1097\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze.png 1919w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze-300x171.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze-1024x585.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze-768x439.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze-1536x878.png 1536w\" data-lazy-sizes=\"(max-width: 1919px) 100vw, 1919px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-337898\" class=\"size-full wp-image-337898\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/PP-3-DOT-coinalyze.png\" alt=\"Polkadot [DOT] presents a possible range formation- here's what traders can expect\" width=\"1919\" height=\"1097\" \/><\/a><\/p>\n<p id=\"caption-attachment-337898\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/polkadot\/open-interest\/\" data-wpel-link=\"external\">Coinalyze<\/a><\/p>\n<\/div>\n<p>The Open Interest chart showed that there was not a notable capital influx over the past week. During this time, DOT did not see a significant trend develop in the short-term charts. The inference was that speculators were not convinced the conditions were bullish yet.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Is your portfolio green? Check out the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/polkadot-profit-calculator\" data-wpel-link=\"internal\">DOT Profit Calculator<\/a><\/p>\n<hr \/>\n<p>This finding was backed by the technical indicators and the price action. The spot CVD was also in a downtrend, highlighting the steady selling that Polkadot faced.<\/p>\n<p>While it could change and a move higher could occur, traders can wait for a bullish structure break before looking for opportunities.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. Polkadot has a bearish market structure in the short term. A reversal was not likely as things stand but the price was within a higher timeframe area of interest. Polkadot [DOT] saw a strong [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":141575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-141574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=141574"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141574\/revisions"}],"predecessor-version":[{"id":146916,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141574\/revisions\/146916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/141575"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=141574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=141574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=141574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}