- Polkadot price is expected to fall to $20
- The closest support level is at $19.50
- Polkadot price is facing resistance at $21
Polkadot price action has failed to break above the $28 mark and the price has fallen back to just below the $21.00 mark. While the price currently holds just below the $21 mark, the bearish pressure is very strong and the price may fall further if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. Main currencies which had a loss include Dogecoin, and BNB that record a 4.86 and a 4.99 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a 4.57 and a 5.55percent decrease respectively.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator did dip into the bullish region on June 9, but has grown bearish again and oscillates around the 0.633 mark. Across the EMAs, 12-EMAis trading below the 26-EMA with a steep slope and continues diverging while both EMAs fall.
The RSI is currently trading in the neutral zone a little below the 32.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 9 days. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands at press time are wide however as the last few candlesticks are red the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Polkadot price to decrease in the short term. Moreover, as the price is consolidating closer to the lower limit rather than the band’s mean line, the price will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only 6 indicators issue buy signals suggesting bullish momentum. Meanwhile, 6 indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and issues a strong sell signal with 16 of the 26 indicators suggesting a bearish movement against only one indicator suggests bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing
What to expect from Polkadot price?
Traders should expect Polkadot price to continue to fall as the short term and midterm indicators issue a bearish trend which may cause Polkadot price to fall below $20.However traders can expect a bullish rally from Polkadot price to challenge the $22 again after it gets to its support level .
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