Polkadot price analysis: Polkadot price not ready to challenge the $22

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TL;DR Breakdown

  • Polkadot price is expected to fall to $21
  • The closest support level is at $20
  • Polkadot price is facing resistance at the $22 mark

After finally climbing past the $28 mark, Polkadot price failed has to continue its bullish rally and the price has seen a steady decline and is currently just below the $21.5 mark. While the price at press time holds just below $21.5, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the timeframe. Major players include Dogecoin, and BNB that record a 3.64 and a 5.99 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 9.07 and a 5.12 percent hike.

Technical indicators for DOT/USDT

Polkadot price analysis: Polkadot price not ready to challenge the $22 1
Technical indicators for DOT/USDT by Trading view

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb back above the -0.250 mark. While the 12-EMA still trades above 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 above the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 11 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish sentiment at the current price level.

The Bollinger bands are currently narrow and will converge rapidly in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Polkadot price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 12 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only six indicators issue buy signals suggesting bullish momentum. Meanwhile, eight 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 13 of the 26 indicators suggesting a bearish movement against only three indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Polkadot price?

Polkadot price analysis: Polkadot price not ready to challenge the $22 2
4 hour price chart by Trading view

Traders should expect Polkadot price to continue to fall towards its support level of $20 or even beyond that.The short term and midterm indicators also compliment this and describe an increasing bearish trend for the Polkadot price.Traders can expect a bullish rally to $21 or even $22 after Polkadot price touches its support level.

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.

Bilal Ahmed

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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