Polkadot Cryptocurrency Forecast

Polkadot cryptocurrency downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on Apr 29, 2024)

DOTUSD Signals & Forecast

A buy signal was issued from a pivot bottom point on Sunday, April 14, 2024, and so far it has risen 3.61%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Polkadot cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $6.99 and $7.94. A break-up above any of these levels will issue buy signals. Volume fell during the last trading day while price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days.

Support, Risk & Stop-loss for Polkadot cryptocurrency

Polkadot finds support from accumulated volume at $6.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This cryptocurrency may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.152 between high and low, or 2.24%. For the last week, the cryptocurrency has had daily average volatility of 3.81%.

Our recommended stop-loss: $6.49 (-5.48%) (This cryptocurrency has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 15 days ago.)

Trading Expectations (DOTUSD) For The Upcoming Trading Day Of Tuesday 30th

For the upcoming trading day on Tuesday, 30th we expect Polkadot to open at $6.87, and during the day (based on 14 day Average True Range), to move between $6.32 and $7.41, which gives a possible trading interval of +/-$0.547 (+/-7.97%) up or down from last closing price. If Polkadot takes out the full calculated possible swing range there will be an estimated 15.94% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $6.84 (0.41%) than the resistance at $7.07 (2.91%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Polkadot cryptocurrency A Buy?

Polkadot holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.322 Hold/Accumulate Downgraded

Predicted Opening Price for Polkadot of Tuesday, April 30, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.