Polkadot price was barely unchanged on Monday amid bearish sentiment within the crypto market. On the time of writing, DOT was buying and selling at $5.08 after falling greater than 7% prior to now week. The altcoin is down by practically 20% prior to now three months however has remained 17.87% greater within the 12 months thus far. Its whole market cap has elevated by 1.97% over the past day, whereas the full quantity of the asset traded jumped by 20%.
Polkadot worth has been underneath intense strain for the previous few days as macroeconomic components proceed to weigh on the cryptocurrency market. The worldwide crypto market cap has slipped to $1.18 trillion prior to now 24 hours, whereas the full crypto market quantity elevated by 30%. Crypto heavyweights, Bitcoin and Ethereum, had been additionally buying and selling barely decrease at press time.
The Crypto Concern and Greed Index, which measures the feelings driving the cryptocurrency market, signifies a decline in confidence amongst traders. The index has declined from a greed stage of 63 to a impartial stage of 57 prior to now week. The shift within the crypto market sentiment has been attributable to market uncertainty across the Fed’s financial coverage path.
Markets are pricing in a 92% likelihood that the US Federal Reserve will hike its rates of interest by a 25-basis level in its July assembly. In keeping with the assembly minutes printed by the Federal Open Market Committee (FOMC) final week, the central financial institution is prone to implement two extra hikes this 12 months. Earlier in June, Fed Chair, Jerome Powell, signaled his assist for a number of fee hikes this 12 months after the central financial institution paused its hike marketing campaign in June.
Markets are eyeing the US Shopper Value Index (CPI) for June slated for Wednesday, adopted by the Producer Value Index (PPI) knowledge on Thursday. Analysts anticipate the month-to-month CPI for June to extend by 0.3%, up from 0.1% within the earlier month. The annual CPI is anticipated to say no to three.1% in June, down from 4.0% in Might.
Buyers will even be looking out for a slew of banking quarterly earnings this week. Finance bigwigs, together with JP Morgan, BlackRock, Citigroup, and Wells Fargo, will kick off the second quarter earnings season this week.
Polkadot Value Prediction
The day by day chart exhibits that the Polkadot worth has been underneath intense strain for the previous few days. The digital asset stays barely under the 50-day and 200-day exponential shifting averages. Its Relative Energy Index (RSI) has slipped under the impartial zone, whereas the Transferring Common Convergence Divergence (MACD) index stays bearish.
As such, the Polkadot worth is prone to proceed falling within the medium time period, in tandem with the worldwide crypto market. if this occurs, the following assist stage to observe will likely be $4.85. Conversely, a flip above the most important hurdle at $5.55 will invalidate the bearish thesis.