Polkadot and Gala - Altcoin chart analysis

Polkadot Chart Analysis

Polkadot and Gala - Altcoin chart analysis Polkadot and Gala - Altcoin chart analysis Source: Tradingview*

Over the past few days, Polkadot (DOT) has also been heading significantly lower after the entire crypto market was deep red on Friday. Currently, it seems like Polkadot has stabilized somewhat and found a bottom.

Currently, we are at around $33 USD. On the 4H chart we can see that we have formed a bullish-divergence in the RSI and are in the big green support zone.

After Bitcoin lost some ground again in the overnight session, the altcoins have looked much worse again. Still, Polkadot may have bottomed here and could see a trend reversal.

Polkadot vs Bitcoin (DOT/BTC)

Polkadot and Gala - Altcoin chart analysis Polkadot and Gala - Altcoin chart analysis Source: Tradingview*

On the daily chart, we can see that Polkadot is also already in a downtrend against Bitcoin over the past few days or weeks. Currently, we are at around 0.00061 BTC.

Most recently, we have seen a bounce at the 200-SMA (last 200 moving average candles/purple) on the daily chart. Trading volume, and thus the bounce, was relatively weak, but this could also be due to the weekend and uncertainty in the market.

We could go a little deeper into our red support zone to pick up some more liquidity here and start a real trend reversal. The RSI is now on the edge of oversold territory.

See also  Solana Community announces its fourth Hackathon, Ignition, which will give away USD $5 million in prizes