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Polkadot price analysis: Weak bullish momentum keeps DOT under $15.00

Polkadot price analysis Weak bullish momentum keeps DOT under

TL;DR Breakdown

  • Polkadot price analysis shows a false bullish breakout on the hourly chart at $15.79
  • DOT hovers at a $15.00 support zone while moving in a narrow range
  • Polkadot price is moving sideways as Bollinger Bands restrict any sharp breakout
  • The DOT/USD pair is trading at $15.2402 with a downward bias
Polkadot price analysis: Weak bullish momentum keeps DOT under $15.00 1
Cryptocurrency heat map by Coin360

The Polkadot price continues to trade within a tight range as the pair struggles to move out of the Bollinger bands confines. A false breakout took the pair near the upper reaches of the Bollinger Bands according to Polkadot price analysis. However, the movement fizzled out quickly, with the pair losing upward moment and ending up back near the $15.00 zone.

It is pertinent to note that the pair has not achieved the $21 level for almost 15 days now as per Polkadot price analysis. There is ample support near the $14 level, where the bulls have defended the coin recently from a sharp decline. The movement from $13.63 lows has been muted and witnessed a gradual move. The .786 Fibonacci retracement also lies at $14, which is another crucial reason the bulls are vigorously defending this level.

Polkadot price movement in the last 24 hours: No solid breakout yet for DOT

Unfortunately, the DOT/USD pair has been unable to push beyond the essential $17 resistance. The rebound has not been built on solid volumes, and therefore the bearish hold is still firm on the charts. The reversal of short-term bullish movement from $15.80 signifies that there may be more pain in the store for the Polkadot price.

Polkadot price analysis shows that there is a significant resistance zone between $17.00 to $21.00. repeated failures to close above $16.00 show that the pair is headed lower again. The .886 Fibonacci resistance at $13.00 also beckons the bears, making them pile up sell orders near the current peak.

In the last 24 hours, there has been a mix of small green and red candlesticks. These define a sideways price movement with little room for any breakout. The 20-day moving average lies at $20, and the price remains below this crucial benchmark.

DOT/USD 4-hour chart: DOT stuck in neutral zone

Polkadot price analysis: Weak bullish momentum keeps DOT under $15.00 2
Polkadot price chart by TradingView

The rising trendline at $21.4500 is now putting pressure on the descending price channel. The pair is unable to close above the $16.35 trendline pivot point. The DOT/USD pair has not been able to recover from the crash on 23 June that saw the pair slide towards the $13.00 support area. The horizontal support line at $12.62 is evidence of a declining price channel aligned with the January lows.

A crucial level of support lies at $15.00, where the current price trajectory is holding up nicely. There is massive support at $11.00 and then at $10.00, where the bulls are likely to stop any intense selling spree.

The technical indicators are showing no clear direction on the hourly charts. The RSI at 51 is pointing in a downwards direction. Also, the MACD is not showing any clear signal of an impending crossover. The dilemma is evident in the Polkadot price oscillating between $13.50 to $15.80 as both bulls and bears struggle to take hold of the price action.

Polkadot price analysis conclusion: Bearish clouds over DOT/USD

Even though the price action has been gradual, the direction in DOT/USD is southbound. As the pair continues to hold well near crucial resistance and support regions, the descending price channel is not helping matters. The neutral to bearish technical indicators also paint a gloomy outlook on the hourly charts.

However, the flip side is that the Polkadot price is in line with most other altcoins. So, there has been muted action in the charts with restricted movement. As the bulls find strength, they would require ample volumes and liquidity to survive any sharp decline in the price. Traders and investors need to exercise caution before undertaking prominent positions.

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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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