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Tuesday, January 31, 2023
HomeMarket UpdatesPolkadot (DOT/USD) token disappoints once more

Polkadot (DOT/USD) token disappoints once more


  • The Polkadot token has crashed by double digits previously two weeks

  • The cryptocurrency was among the many tokens closely shorted on main exchanges

  • DOT maintains a downtrend and the following stage to look at is $3.9

Barely two weeks in the past, bets in opposition to many altcoins have been on the rise. Santiment knowledge indicated that Polkadot (DOT/USD) was among the many cryptocurrencies focused by shorts on main exchanges. On the time of Santiment knowledge on December 10, DOT was buying and selling at $5.3. The cryptocurrency now exchanges arms at $4.5, a lack of 17%. Are the brief positions answerable for this?

The particular reply to the query might be sure, though that’s not all the time the case. Elevated brief positions can really increase an asset’s value. That occurs when traders cowl their brief positions, resulting in a market phenomenon often known as a “brief squeeze.” Nevertheless, because it appears to be like, there are not any indicators of a brief squeeze for DOT. The cryptocurrency maintains a downtrend, most likely orchestrated by elevated promoting.

DOT outlook as value heads to the 2020 lows

DOT/USDT Chart by TradingView

Turning to the weekly chart offers a glimpse of Polkadot buying and selling because the bull market began. From the chart, DOT trades at its lowest stage since December 2020. Evidently, the cryptocurrency has misplaced all of the features it amassed throughout the bull market of 2021.

The quantity indicators present that liquidity is waning as DOT heads decrease. The worth is ready to search out help at $3.96 subsequent. The present value zone may curiosity patrons since that is the place the bull market began.

See also  Cardano ADA/USD heads additional south amid the stablecoin launch

Concluding ideas

It will be attention-grabbing to see how the DOT value behaves at or round $4. Any potential bullish reversal ought to begin right here. There isn’t any indication of that but, because the cryptocurrency stays very bearish.

Consumers may maintain DOT in consolidation mode on the essential zone earlier than discovering the vitality to interrupt greater. DOT-related developments and improved sentiment within the broader crypto sector are the occasions to look at. A bearish break at $3.9 may pit DOT beneath $2.

The place to purchase DOT

eToro

eToro provides a variety of cryptos, resembling Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and replica or get copied by different customers.

Purchase DOT with eToro immediately

Binance

Binance is likely one of the largest cryptocurrency exchanges on the earth. It’s higher suited to extra skilled traders and it provides numerous cryptocurrencies to select from, at over 600.

Binance can also be identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, resembling; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.

Purchase DOT with Binance immediately

BitcoinMasterNews

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