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According to the analysis of the price activity of the Polkadot token (DOT), the rate was determined in the stability zone and showed signals of readiness for growth. However, the global bearish sentiment of the market opposes this ascent.
As of 18:30 Moscow time on May 31, 2022, dot is trading at $10.02, having lost 1.76% of its value over the past 24 hours. Over the past 4 days, the price of the token has shown a steady rise from $9.79 to a peak value of $10.69. The current day was marked by a course correction to $10.02.
The study of the market chart data for the DOT/USD trading pair on the 4-hour chart showed that the DOT value showed itself sufficiently independently of changes in volatility. According to the technical tool of the “Bollinger Band”, the boundary of critical resistance is located at the level of $ 10.77. While the support found itself at $9.19.
Examining the data of another analytical tool – the Relative Strength Index (RSI), the price of Polkadot was determined in the neutral zone, which signals the equal strength of sellers and buyers.
When studying more aggregated trading data for the past day, the picture acquires a slightly different mood. The price change took place in a narrow corridor. This led to the fact that the upper and lower boundaries of the Bollinger Bands were located at a close distance from each other. According to the results of daily analytics, resistance settled at $ 11.53, and support – at $ 8.63.
The value of the RSI index was 43, which, as well as when analyzing the 4-hour chart, indicates the price stability of the cryptocurrency. However, the Polkadot rate was at the bottom of the neutral area.
This location, despite the noted signs of stability, signals the susceptibility of the rate to the global trading sentiment. The dominant position in sales in the last 9 weeks is held by sellers.
Earlier, the editors of the Crypto.ru reported that over the past 24 hours, from May 30 to May 31, 2022, the value of the Cardano coin (ADA) showed a sharp increase of 25%.
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