|Performance after Wednesday 08-Mar|
Polkadot (DOTUSDT) price for the week to-date dropped -5.50% or -0.329 lower to 5.65. At time of writing into Thursday’s trading session, Polkadot has decreased by -3.44% over the past 24 hours. For the record, DOTUSDT is -89.73% below all-time high of 54.98. On Wednesday, DOT dropped -4.21% to 5.60.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is falling but in oversold zone, our analysis is that there could be selling pressure as the outlook looks bearish.
For the month-to-date, DOT is down by -11.00% or -0.698 lower.
What can we expect from Polkadot today?
Looking ahead for the day, immediate support level is at 5.42 (S1) with break below could see further selling pressure towards 5.24 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 5.94 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. Polkadot need to break on either side to indicate a short-term bias. A close below 5.50 would indicate selling pressure.
For the week to-date, take note that Polkadot is falling as the pair posted lower, down by -5.50%. Prior performance for the week ending 2023-03-05 was -10.66%.
Key levels to watch out:
Last updated: 03:05 am UTC, 09-Mar 2023
Polkadot is a platform that allows diverse blockchains to transfer messages, including value, in a trust-free fashion; sharing their unique features while pooling their security. In brief, Polkadot is a scalable heterogeneous multi-chain technology.Polkadot is heterogeneous because it is entirely flexible and makes no assumption about the nature or structure of the chains in the network. Even non-blockchain systems or data structures can become parachains if they fulfill a set of criteria.Polkadot may be considered equivalent to a set of independent chains (e.g. a set containing Ethereum, Ethereum Classic, Namecoin and Bitcoin) except with important additions: pooled security and trust-free interchain transactability.Many of the native parachains of Polkadot will be written using a Polkadot Runtime Environment SDK (e.g. Parity Technologies’ Substrate).