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Polkadot suffers 10% weekly losses at hawkish Fed

Polkadot insiders have provided key data to reveal the success of the protocol. As it stands, these achievements are very helpful to the overall “well-being” of the DOT. However, the coin’s value is declining, as are other cryptocurrencies and financial markets.

Will this recession be a great buying opportunity for investors?

The market is under strong selling pressure. The concerns raised by the September 13 news of year-over-year inflation are still on our minds today.

DOT’s overall market capitalization fell 15.3% from $8.75 billion to $7.44 billion. Polkadot lost 10% weekly on the US Central Bank’s not-so-rosy inflation assessment. As of this writing, the DOT is trading at $6.33, down 8.6% over the past seven days, according to data from Coingecko.

These numbers aren’t the only things that affect market prices. Inevitably, his current rate hike of 0.75% by the Federal Reserve is seen as having a negative impact on pricing. Anything worse will have a negative impact on the DOT value.

How soon will the price increase occur?

Is there a way for the DOT to recover quickly despite the generally dark financial markets?

Looking at the daily tick indicator, we can see that the DOT is meeting resistance near $8.06.

The September 13th price cut is in line with this. Once again, after reaching resistance at $7.07, the price was rejected and tumbled to the support level at $6.12.

Where to see the Polka Dot Rally

The indicators suggest that the $6.12 support is creating positive momentum. The significant momentum generated during this period will help the bulls break out of the $7.07 resistance level.

The growing optimism of forecasts may suggest that Polkadot’s recent performance is affecting investor confidence.

Chart: TradingView.com

The positive inversion of the metric is consistent with recent tweets from @PolkadotInsider. The amount of projects investing in the protocol is one of the most prominent achievements of the Polkadot ecosystem.

DFG Global leads the list with 52 projects, followed by AU21 Capital with 39 and Hypersphere with 35.

This tweet was recently published on September 22nd. Following this, the price climbed to his high of $6.44. As of this writing, the DOT appears to be preparing a relief rally.

A closer look at the data shows that the token’s last settlement was at its previous peak of $6.48. This growth trend is reflected in investor sentiment.

Momentum indicator, Commodity Channel Index and Stoch RSI are all on the rise right now. This trend of trends shows that investor sentiment is pretty positive, even in the current volatile environment.

Similarly, the DOT’s previous market activity matches the XABCD harmonic pattern and can encourage investors and traders to buy the dip.

DOT total market cap at $6.9 billion on the daily chart | Source: TradingView.com

Featured image from The Daily Hodl, Chart: TradingView.com

Polkadot suffers 10% weekly losses at hawkish Fed

Source link Polkadot suffers 10% weekly losses at hawkish Fed

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