Polkadot price analysis: Polkadot price hints at challenging the $23 mark despite bearish pressure

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TL;DR Breakdown

  • Polkadot price is expected to rise to $23
  • The closest support level is at $21
  • Polkadot price is facing resistance at the $23

After finally climbing past the $25 mark, Polkadot price failed to continue its bullish rally and the price has dropped to just below $22.5.While the price at press time holds just below $22.5, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a 2.17 and a 1.22 percent decrease respectively. Meanwhile, Bitcoin and Ethereum record a 3.46 and a 3.34 percent decrease respectively

Technical indicators for DOT/USDT

Polkadot price analysis: Polkadot price hints at challenging the $23 mark despite bearish pressure 1
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 -0.01 mark. Across the EMAs, the 26-EMA still trades above the 12-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 44.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 3 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 are currently wide and will expand in the future due to the presence of dark green candlesticks at the end. The bands’ expansion suggests an increase in volatility for the Polkadot price. Meanwhile, as the price is consolidating below the bands’ 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 three indicators issue buy signals suggesting bullish momentum. Meanwhile, nine 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?

Polkadot price analysis: Polkadot price hints at challenging the $23 mark despite bearish pressure 2
4 hour price chart by Trading view

Polkadot price is currently facing resistance at $23 mark but it is currently experiencing a small bullish rally which should help it go past that mark.However the short term technical indicators and the midterm technical describes a bearish trend hence after reaching the $23 a downward movement is expected and Polkadot price may drop to its support level at $21

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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