Polkadot News

Polkadot price analysis: Polkadot price ready to challenge the $21 mark

TL;DR Breakdown

  • Polkadot price is expected to rise to $21
  • The closest support level is at $20
  • Polkadot price is facing resistance at the $21

After finally climbing past the $28 mark, Polkadot price failed to continue its bullish rally and the price has dropped to just below $20.While the price at press time holds just below $20, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

Across the broader cryptocurrency market, the last 24 hours has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and Dogecoin that record a 0.32 and a 0.52 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.01 and a 0.92 percent hike.

Technical indicators for DOT/USDT

Technical indicators for DOT/USDT by Trading view

Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price oscillates around the -0.7 mark. While the 12-EMA still trades below the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little below the 40.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 10 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 and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Polkadot price to increase in the short term. Moreover, as the price is consolidating closer to the lower limit rather than the band’s mean line, the bands will be leaning downwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 15 of the 26 indicators suggesting a bearish movement against only one indicator suggests bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Polkadot price?

4 hour price chart by Trading view

Polkadot price is currently facing resistance at $21 mark but the market shows steady bullish sentiment and so it should be able to go past it.However the short term technical indicators and the midterm technical describes a bearish trend hence after reaching the $21 a downward movement is expected and Polkadot price may drop to its support level at $20

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on June 13, 2021 9:50 am

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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