{"id":624949,"date":"2024-06-17T06:30:20","date_gmt":"2024-06-17T06:30:20","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=624949"},"modified":"2024-07-10T12:37:57","modified_gmt":"2024-07-10T12:37:57","slug":"polkadot-dot-struggles-at-6-20-is-now-the-time-to-accumulate","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/polkadot-dot-struggles-at-6-20-is-now-the-time-to-accumulate\/","title":{"rendered":"Polkadot (DOT) Struggles Near $6.30 – Is Now The Time To Accumulate?"},"content":{"rendered":"

Technical indicators loom over Polkadot, the blockchain interoperability rockstone. The token clearly is down since it has dropped below the Ichimoku Cloud. Adding to the bearish perspective, the Ichimoku indicator’s baseline and conversion line both loom above the current price, so accentuating the negative emotion.<\/span>
\n<\/span><\/p>\n

Related Reading: XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips<\/a><\/div>\n

Polkadot (DOT<\/a>) is engaged in a merciless struggle with a bear. Once flying high with its ability to link many blockchains, the token currently struggles to reach the tough $7 resistance barrier.<\/span> Investors are uncomfortable since it has dropped to as low as $6.16 during the last two weeks.
\n<\/span><\/p>\n

\"\"
DOT price down in the last week. Source: Coingecko<\/a><\/figcaption><\/figure>\n

One could find a redeeming grace in the proximity to the lower Bollinger Band, which suggests oversold circumstances.<\/span> Should buying pressure spike, this might set off a temporary bounce.
\n<\/span><\/p>\n

Holding The Line: $6.20 Support Zone In Focus<\/strong><\/h2>\n

For DOT, the next several days might prove crucial. Everybody is fixated on the $6.20 consolidation zone, which will probably guide the direction of the next conflicts.<\/span> Should DOT be able to maintain this ground, it may set the stage for a positive turnaround, particularly if it can surpass past the barrier at $6.30.
\n<\/span><\/p>\n

If the bears strengthen their hold, a violation of this vital support level might cause a depressing slide towards $6.00 or even less.<\/span>
\n<\/span><\/p>\n

Total crypto market cap currently at $2.3 trillion. Chart: TradingView<\/a><\/figcaption><\/figure>\n

Analyst Sounds Bullish Trumpet Despite Bearish Symphony<\/strong><\/h2>\n

Although Polkadot’s present market attitude seems negative, there is hope just waiting for us. Renowned crypto expert Micha\u00ebl van de Poppe finds a rainbow within the storm clouds.<\/span> He sees DOT’s slink towards the critical support zone as a perfect chance to build the asset at a discount.
\n<\/span><\/p>\n

\n

$DOT<\/a> reaching the crucial area of support and the area for accumulation.<\/p>\n

Given the upcoming RWA narrative and the large number of projects within the Polkadot ecosystem, this one is going to be a great mover in the coming years. pic.twitter.com\/2ssYuzGJtZ<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) June 15, 2024<\/a><\/p><\/blockquote>\n

This strategic approach fits the growing interest in Real World Assets ( RWAs) and the always growing universe of enterprises inside the Polkadot ecosystem. Van de Poppe thinks these elements together with a possible breakout could drive DOT towards notable expansion in the next years.<\/span>
\n<\/span><\/p>\n

\"\"<\/p>\n

Van de Poppe’s study finds DOT’s essential support range to be $5.67 to $6.11. To keep optimistic momentum, he underlines the need of setting a better low within this zone.<\/p>\n

The analyst also emphasises two major resistance levels DOT has to overcome for a victorious break-through.<\/span> The first obstacle is about $9.30; the ultimate test is over $17.00, which would mean closing a price disparity.
\n<\/span><\/p>\n

Related Reading: Breakout Alert! Chainlink (LINK) On Verge Of Major Surge, Analyst Says<\/a><\/div>\n

Polkadot: Bumpy Ride Ahead?<\/strong><\/h3>\n

Polkadot’s short-term future<\/a> seems unknown.<\/span> Although technical indicators show a negative inclination, the analyst’s point of view gives long-term investors some hope. The $6.30 support zone will be the arena where DOT’s fate will be decided in the next days.
\n<\/span><\/p>\n

Should the bulls be able to defend this area, a possible breakout driven by environmental development and the RWA story should not be far off. Should the bears violate this vital support level, DOT may experience protracted consolidation or even a more severe downturn.<\/p>\n

Featured image from Shutterstock, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Technical indicators loom over Polkadot, the blockchain interoperability rockstone. The token clearly is down since it has dropped below the Ichimoku Cloud. Adding to the bearish perspective, the Ichimoku indicator’s baseline and conversion line both loom above the current price, so accentuating the negative emotion. Related Reading: XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips Polkadot (DOT) is engaged in a merciless struggle with a bear. Once flying high with its ability to link many blockchains, the token currently struggles to reach the tough $7 resistance barrier. Investors are uncomfortable since it has dropped to as low as $6.16 during the last two weeks. One could find a redeeming grace in the proximity to the lower Bollinger Band, which suggests oversold circumstances. Should buying pressure spike, this might set off a temporary bounce. Holding The Line: $6.20 Support Zone In Focus For DOT, the next several days might prove crucial. Everybody is fixated on the $6.20 consolidation zone, which will probably guide the direction of the next conflicts. Should DOT be able to maintain this ground, it may set the stage for a positive turnaround, particularly if it can surpass past the barrier at $6.30. If the bears strengthen their hold, a violation of this vital support level might cause a depressing slide towards $6.00 or even less. Analyst Sounds Bullish Trumpet Despite Bearish Symphony Although Polkadot’s present market attitude seems negative, there is hope just waiting for us. Renowned crypto expert Micha\u00ebl van de Poppe finds a rainbow within the storm clouds. He sees DOT’s slink towards the critical support zone as a perfect chance to build the asset at a discount. $DOT reaching the crucial area of support and the area for accumulation. Given the upcoming RWA narrative and the large number of projects within the Polkadot ecosystem, this one is going to be a great mover in the coming years. pic.twitter.com\/2ssYuzGJtZ \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) June 15, 2024 This strategic approach fits the growing interest in Real World Assets ( RWAs) and the always growing universe of enterprises inside the Polkadot ecosystem. Van de Poppe thinks these elements together with a possible breakout could drive DOT towards notable expansion in the next years. Van de Poppe’s study finds DOT’s essential support range to be $5.67 to $6.11. To keep optimistic momentum, he underlines the need of setting a better low within this zone. The analyst also emphasises two major resistance levels DOT has to overcome for a victorious break-through. The first obstacle is about $9.30; the ultimate test is over $17.00, which would mean closing a price disparity. Related Reading: Breakout Alert! Chainlink (LINK) On Verge Of Major Surge, Analyst Says Polkadot: Bumpy Ride Ahead? Polkadot’s short-term future seems unknown. Although technical indicators show a negative inclination, the analyst’s point of view gives long-term investors some hope. The $6.30 support zone will be the arena where DOT’s fate will be decided in the next days. Should the bulls be able to defend this area, a possible breakout driven by environmental development and the RWA story should not be far off. Should the bears violate this vital support level, DOT may experience protracted consolidation or even a more severe downturn. Featured image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":624958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,83457,9753],"class_list":["post-624949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-dot","tag-polkadot"],"acf":[],"yoast_head":"\nPolkadot Struggles At $6.20 - Is Now The Time To Accumulate?<\/title>\n<meta name=\"description\" content=\"Technical indicators loom over Polkadot, the blockchain interoperability rockstone. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. 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Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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