- DOT token shows intense selling pressure with five consecutive red candles in the daily time frame chart
- The DOT/BTC pair was trading at 0.0003938 BTC with a gain of 6.46%
- The 24 hr trading volume in DOT is $832.01 Million
DOT token was consolidating in a small range from the last few days. However, this range was nothing but a resting phase for the price after the substantial fall of the June month. Nonetheless, now the price is back to business and continues with its downfall after the breakdown from its small consolidation. Thus, the bears are again in their aggressive mode as we see red candles back to back for five consecutive days in the daily time frame.
Regarding EMA’s, DOT token is trading below all the crucial EMA’s 20, 50, 100, and 200 indicating a solid bearish trend formation. In addition, investors can also see that the 100 and 200 EMA are on the verge of giving a bearish crossover, luring more sellers in the token market. In addition, the chart also shows the 20 EMA is acting as a strong dynamic resistance for the price.
The RSI (BEARISH) value is at 31, indicating a bearish sentiment in the market.
DOT Token Crypto Chart In 4hr Time Frame
The DOT token shows quite a steep descending trendline in the 4hr time frame, indicating the intense selling pressure in the market. With the help of this trendline, traders can grab an opportunity to ride this bearish trend marching towards the $10 mark.
The MACD indicator (BEARISH) shows the MACD and the signal line are below the neutral(0.00) zone, indicating bearish momentum in the market. In addition, these lines also offer a bearish crossover, projecting a sell signal for DOT traders.
Conclusion: From the technical perspective, the overall trend of DOT token is strongly bearish. And as mentioned above, both the price action and indicators have given a strong bearish outlook. Therefore, trend traders can look for good shorting opportunities in DOT coin, as the chart shows no strong support till the $10 mark.