Crypto Technical Analysis

Polkadot Technical Analysis: Will DOT Price Hit INR 1000 This Month?

Polkadot Price Prediction

Key Takeaways:

  • The DOT price closed the previous day’s trade at INR 576.85 with a market capitalization of INR 562.7 billion and a circulating supply of 987,579,314.96 DOT
  • The Polkadot price is currently consolidating within a parallel range and possess the possibilities of ranging by nearly 20% in the next fortnight
Current Price INR 5.43
Market Cap INR 719,806,820,429,113
Circulating Supply 132.67 DOT
Max Supply 132,670,764,300
Vol (24H) INR 31,428,998,723
Change (7D) -0.60%

Polkadot Technical Analysis for July 2022

The DOT price is trading within a significant descending trend from more than 6 to 8 months in a row. Just before the close of quarter 2, the DOT price marked its lows around INR 500 but refrained from dropping below these levels. With the beginning of July’s trade, the price is maintaining an ascending consolidation within a narrow range and hovering presently around INR 550.

Therefore, the asset may experience a slight pullback and the price could drop again close to INR 500 before inducing a catapult action towards the next resistance. The DOT price by the end of the monthly trade is expected to swing close to INR 600 or in an extended bullish trend may also range beyond INR 650. 

Technical Analysis at a Glance

Short-Term The DOT price after rising from the lower support, smashed to its interim highs and after the rejection could continue to drop as the buyer’s exhaustion
Mid-Term The asset appears to be preparing itself for a massive breakout as the indicators are slowly flipping from bearish to bullish
Long-Term In the long-term, the price appears to have reached its bottoms and very soon may ignite a strong bullish trend as the selling volume is easing heavily

Impact of Crypto Crash on DOT Price

Most of the crypto assets along with star crypto Bitcoin and Polkadot has been deeply impacted with the bearish trend that ignited during the end of 2021. However, the crypto crash which was fueled by the LUNA-UST crisis slashed the price so heavily that most of the assets have dropped more than 90% from their highs. DOT prices also have suffered an 87% drop amid the current bear cycle. 

Along with the external factors like increasing interest rates, imposing regulatory policies and internal factors like liquidity & bankruptcy crisis, Indian traders have been largely impacted by the new Tax policy. According to the policy, a trader has to pay 30% crypto tax on his profits earned and also 1% TDS will be charged on each transaction. This policy has slaughtered the volume in most of the exchanges that may in turn impact the asset price.

Read more on Reasons for Crypto Crash

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 52.83 / 32.97 Neutral / Sell
MACD 2.55 / -383.54 Buy / Sell
Average Directional Index(ADX) 32.49 / 48.55 Buy / Sell
Ultimate Oscillator 51.58 / 37.94 Buy / Sell
Bull-Bear Power 16.04 / -626.63 Buy / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 INR 604.83 INR 633.53
MA 10 INR 596.48 INR 770.11
MA 20 INR 594.52 INR 1133.25
MA 50 INR 596 INR 1876.19
MA 100 INR 625.28 INR 948.50
MA 200 INR 687.55 INR 474.25

Polkadot price is pretty bullish in the short term which appears as a result of the recent jump. Indicators like MACD, ADX, StochRSI, etc are extremely bullish while the RSI is hovering within the middle regions and may flip to the direction of the volume induced. On the other hand, the asset is not volatile and hence a slow yet steady rally may be expected for the next 7 to 10 days.

However, the DOT price is extremely bearish in the long term as most of the indicators point towards a ‘strong-sell’. RSI is dipping down, MACD is negative with accumulated selling volume and the strength of the rally is pretty weak. As the asset in the long-term also is less volatile, no sudden spike in the price action may be witnessed. 

Additional Read: DOT vs Chainlink

Polkadot Technical Analysis for Short Term

Polkadot Price

Source: Tradingview

  • The short-term trade is pretty bearish for the DOT price as it is trading within a descending triangle
  • After the fresh rejection, the price could plunge back towards the local support close to INR 530 and attempt a rebound further
  • Slashing the resistance lower the price may trade within a descending consolidation to reach the apex
  • The Dot price has flipped firmly a couple of times before and hence a similar price action is expected presently, else a minor price drain may occur ahead of a significant price jump

Check latest Polkadot Price to INR

Polkadot Technical Analysis for Long-Term

Polkadot

Source: Tradingview

 

  • The Polkadot price since the beginning of the year 2022 is trading within a bullish falling wedge pattern
  • However, the asset has approached the apex of the consolidation, therefore, yet another pullback may be expected before a significant leg up
  • The DOT price may certainly not plunge below INR 480 if drops after being rejected from the resistance but may test the levels at INR 500 
  • The asset may undergo a fine rebound from these levels and continue surging high until it secures levels above INR 675 initially and later at INR 800.

Where & How to Buy Polkadot(DOT)?

Want to buy Polkadot? You get the best deal in the markets, here on CoinDCX. Just download the CoinDCX App and register yourself by entering the required data. After the successful verification of your profile, you can buy Polkadot(DOT).

Investing in any of your desired assets is not a tedious job anymore. With CoinDCX’s crypto investment plan(CIP), you can invest in your favourite asset in simple weekly instalments. Therefore, start investing in Bitcoin & other cryptos with Crypto Investment Plan now!

FAQs

Is Polkadot bullish or bearish?

Polkadot price is pretty bullish in a small time frame but extremely bearish in the longer time frame. Check latest Polkadot INR Price - https://coindcx.com/trade/DOTINR

What is the current RSI for DOT?

The RSI presently in the short term is 52.83 in short term while in long term it is 32.97

Is it a good time to buy Polkadot?

As mentioned above, DOT price is preparing for a huge bull run and hence could be good time to buy


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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