Dogecoin, Binance Coin (BNB), and Polkadot (DOT) are some of the top cryptocurrencies in the market right now. But their prices have been on a rollercoaster ride lately, and there’s no telling when they might crash. This can be especially worrying for investors investing heavily in these cryptos.
Most of the time, when a digital currency takes a hit, it is due to market conditions and investor sentiment. When there is a bearish attitude towards an asset, people hesitate to invest in it, and its price may fall.
The case of Dogecoin has been hit by recent negative news about Elon Musk, who’s been a vocal supporter of the asset. This could be one reason for its recent dip. On the other hand, Polkadot and Binance Coin have been affected by Bitcoin’s price movements in recent weeks, as they tend to follow BTC’s lead.
Analyst Sentiments on DOGE, BNB and DOT
Altcoin Sherpa is a well-known cryptocurrency trader who regularly tweets about market trends and predictions. He has been quite vocal about his bearish outlook on Dogecoin, Binance Coin and Polkadot recently.
Altcoin predicts that the price of DOGE will return to the .057 area again. However, he also mentions that it could go even lower than that. Sherpa continues and talks about BNB and says that he does not see any positive catalysts for it to go higher in the near future.
Lastly, he mentioned that Polkadot looks bearish, and will soon fall below $4 and is not expected to break out of its current downtrend anytime soon.
Looking at the 4-hour chart for DOGE, we can see that it is stuck in a descending channel, which means that it has been making lower highs and lower lows. The RSI indicator also indicates bearish momentum. The coin is trading today at a low price of $0.07417. The Bollinger bands are indicating some levels of volatility as the price is bouncing off them. Buyers need to be careful as there is a risk of the price falling further.
BNB is currently trading at a price of $248.62 within the last 24 hours. It has shown a downtrend of 0.03% and is trading within a descending channel. The RSI indicator also indicates bearish momentum, and the Bollinger bands indicate high levels of volatility. If buyers don’t come in soon, BNB could experience a further drop.
Polkadot is currently trading at a price of $4.60 within the last 24 hours. It has shown a decline of 0.49% and is trading inside a descending channel. The RSI indicator also indicates bearish momentum, and the Bollinger Bands indicate higher levels of volatility. If buyers do not emerge soon, Dot may experience further downside.
Conclusion
The prices of Dogecoin, Binance Coin, and Polkadot have been on a rollercoaster ride lately, and investors should be cautious before investing in any of these assets. Altcoin Sherpa has predicted a bearish outlook for all three, and investors should take note of his predictions. It’s also important to keep an eye on the market conditions and overall sentiment before investing in any crypto asset.
