Connect with us

Analysis

Polkadot, IOTA, Dogecoin Price Analysis: 25 March

Akashnath Sumukar

Published

on

Source: Pixabay

The bearish scenario across the market was reflected by Polkadot as it broke down from a bullish chart pattern. IOTA was forced to retrace all gains from a recent surge, while Dogecoin continued to fall after briefly testing the $0.062-level.

Polkadot [DOT]

Polkadot, IOTA, Dogecoin Price Analysis: 25 March

Source: DOT/USDT on TradingView

Polkadot formed an ascending triangle chart pattern. This pattern generally sees a northbound breakout, but in this case, DOT dropped under the ascending trendline and was forced to retrace all the way back to $30, with the MACD showing strong bearish momentum even as DOT bounced weakly off the $30-support level.

This represented a 22% drop from the resistance around the $38-zone. Further drops can’t be ruled out, but DOT was placed at an important support level.

Since surging past $21, the OBV had formed a floor that each subsequent drop hadn’t dropped under. If the OBV goes lower, it will be a strong indication that sellers are in control. The month of March has already highlighted the strength of the market’s sellers, and the market’s bulls would need to defend the $28-$30 demand region in the coming days.

IOTA

Polkadot, IOTA, Dogecoin Price Analysis: 25 March

Source: IOTA/USD on TradingView

For a period of two weeks, IOTA was consolidating above the $1.29-level of support. The past week saw IOTA surge to $1.7, and just as it tested $1.55 to confirm it as support, selling pressure accelerated to drive IOTA back to the $1.3-area.

The Awesome Oscillator approached the zero line and could confirm a crossover under the same in the coming hours as the most recent trading session was not yet closed, at the time of writing. More consolidation around $1.29 can be expected.

Dogecoin [DOGE]

Polkadot, IOTA, Dogecoin Price Analysis: 25 March

Source: DOGE/USDT on TradingView

DOGE formed a double top at the $0.062-level after flipping the $0.049 and $0.054-levels from resistance to support. However, the previous downtrend could assert itself once more as DOGE sank towards $0.049 again.

The RSI formed higher lows in the past couple of days even as the price formed lower lows. This could see DOGE bounce to $0.054, a 6% hike from $0.051, before another drop. The RSI indicated a downtrend and shorting opportunities can arise at $0.054.


Sign Up For Our Newsletter


Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.