DOT Is Preparing to Reverse Trend

DOT has been trending upward since late July. And so, the fight should be a toe between the bulls and the bears. However, we can say that the bulls have emerged as winners as the crypto has generally gone higher. However, at this point the market is again at a point where we have to decide what will happen next.

Polkadot Forecast Statistics Data:
Polkadot Current Price: $9.26
Polkadot’s market value: $10.2 billion
Polkadot transfer offer: 1.11 billion
Polkadot total supply: 1.2 billion
Polkadot Coinmarketcap Rank: #10

It is our duty to critically examine the signs here and take better action. In this forecast, we try to find out the options available in this market. We try to bring functionality that helps us get the best out of this market.

Key steps:
Resistance levels: $0.0690, $0.0700, $0.0708
Support levels: $0.0687, $0.0675, $0.0655

Polkadot Price Forecast for August 12: DOT is preparing for a trend reversal.

Polkadot price forecast: DOT/USD seems to be moving higher

An examination of the DOT/USD chart indicates that this market may continue to push higher. Here we can see that the price action remains significantly above the middle line of the Bollinger Band. Also, we can see that the bullish candles seem to be more than the bears. In particular, we can see that the last bearish candle cannot bring the price below the midpoint of the previous bullish candle. Summarizing all the signals here, we can assume that the price may continue to move upwards. However, this depends on whether the DOT faces too much sales pressure.

The Stochastic RSI has also formed a bearish cross, indicating a bearish trend. However, the key determinant remains how much selling pressure the market faces. Next, it would be safer to assume a downtrend, and traders should place their stops around $8.70 or $8.80. So if the stop is not triggered, it means the price has moved up.

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Polkadot Price Forecast for August 12: DOT is preparing for a trend reversal.

Polkadot Price Prediction: Will DOT/BTC Correct Down From Here?

Looking at the DOT/BTC chart, it would not be bad to assume that the price will continue its upward trend. However, we need to check this trend with trading methods. Here it can be seen that the price candlestick is once again switching between bearish and bullish. However, given the curves of the moving averages, it’s probably a good idea to watch the bulls get tired at this point. We can see that the MA lines are diverging widely, the fast blue one is getting closer to the price candle. It also looks like the fast MA line is trying to cross above the candle price. If this eventually happens, this could bring DOT to the region. Also, the slow MA should follow the fast one, then the price will go down.

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Additionally, the Stochastic RSI has formed a bearish cross indicating a bearish trend. However, much of what happens next will depend on how much sales pressure the pair faces. The best course of action is to prepare for the eventuality of a downtrend. Therefore, traders who entered this market earlier this month should adjust their stops around 0.0003650. And, if the bull continues to win in this market, such a trader will stay in the market. As a result, planning to collect more profit.

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