The entire cryptocurrency market has suffered major losses over the past 24 hours. Bitcoin has lost more than 3 percent in the past 24 hours, bringing its total loss in seven days to nearly 10 percent. Ether, XRP, Binance Coin (BNB) and XRP are all in the red after a huge selloff over the weekend and further declines yesterday. The only leading crypto-currency is Dogecoin, which is up 25% in 24 hours and 451% in the last seven days.
The market was hit when the polka dot lost more than 11% of its value against the US dollar in the past 24 hours. Polka dot has dropped from $38 to $33 now. If the trend continues, the DOT could soon be trading below $30.
DOT Price Forecast
The DOT/USD on the 4-hour chart is currently drifting into bearish territory. After a huge drop last weekend, the DOT rebounded yesterday from the $32 region to a daily high of $38.72. However, the bulls failed to sustain the rally and quickly lost momentum, allowing the bears to take control of the market.
The DOT/USD pair has broken through key supports at 36.66 and 33.76 over the past 24 hours. If the current trend continues, the DOT could fall towards the 100-day simple moving average ($30.1757). In a continued downward trend, the DOT traded below $30 for the first time since February.
DOT/USD 4 hour chart. Source: Coincide
The MACD line is already drifting into bearish territory, suggesting that a new sell-off could occur in the coming hours. The RSI at 37.68 is neutral, but tends to be down. If the DOT fails to defend its pivot point at 31.80, the cryptocurrency will likely see further losses.
However, should the market turn, the DOT is looking for a resistance point at 35.82. To do so, Polkadot will need the help of the broader crypto-currency market. A sustained rally could lead to a reversal of recent losses and an attempt to break through the $40 level. However, much of the optimism depends on the performance of the market in general.
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