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    Have bears hit bottom for Polkadot (DOT/USD)?


    Polkadot (DOT/USD) is down 1.44% in the past week. However, early signs are that the bear momentum is slowing down. The cryptocurrency trades at just $6.10, a level it has held for the past one month. There were market crashes after news showed US inflation worsened last week, pushing the token to $5.65. DOT has since recovered, albeit slowly. Are we staring at the bottom?

    Well, Polkadot’s fundamentals remain sound. During September, development activity on Polkadot hit an all-time high. More than 66 blockchains are currently live on Polkadot and its parachain network Kusama. But as we all know, these strong fundamentals are nothing in a strong bear market.

    As the clock ticks towards November, most cryptocurrencies are consolidating, if not falling. DOT remains one of them amid the growth of the ecosystem. Investors remain cautious ahead of the Fed’s November meetings. The expectation is that the central bank will hike rates by 75 basis points to tame rising inflation. The expectation has formed part of why most cryptocurrencies are showing less enthusiasm, including Polkadot’s DOT.

    Polkadot consolidates below $6.5

    Source – TradingView

    On the technical front, the RSI remains below the midpoint suggesting there are more sellers than buyers for Polkadot.

    The failure of buyers to break above $6.5 for the past month suggests an intense war with the sellers at the current zone. Whereas the bulls are trying to defend $6.0, we cannot ascertain whether DOT is at a bottom price yet. If the bear sentiment continues, we could see the token reclaiming lower levels.

    Alternatively, an improved sentiment could see bulls capture the $6.5 and turn it into support. If that happens, bulls will try to take DOT higher, potentially back to $7.9.

    Should you buy DOT

    With price action showing a lack of directional movement and below resistance at $6.5, DOT can go either way. The token is not a buy at the moment.

    Where to buy DOT

    eToro

    eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

    It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

    eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


    Buy DOT with eToro today

    Capital.com

    Capital.com is a global broker which offers over 200 cryptocurrencies for its users.

    It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

    On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.


    Buy DOT with Capital.com today



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