- Polkadot price is expectd to fall to $22
- The closest support level is at $22
- Polkadot price faces resistance at $23.6
After finally climbing past the $27mark, Polkadot price failed to continue its bullish rally and the price has dropped to just below $23.While the price at press time holds just below $23, 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 time frame. Main currencies which had a loss include Dogecoin, and Ethereum that record a 3.72 and a 3.65 percent decrease respectively. Meanwhile, some other currencies recorded bullish movements like Bitcoin and Litecoin record a 1.95
Across the technical indicators, the MACD shows declining bullish momentum as observed in the decreasing size of the light green histogram. The indicator saw a bullish reversal at 12 pm yesterday however bearish pressure has been increasing throughout the day and the indicator is now just above -0.1. 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 below the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 8 days. At press time the RSI has again had a small spike towards the oversold region suggesting declining bullish momentum.
The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Ripple 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 13 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only four 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 12 of the 26 indicators suggesting a bearish movement against only ten indicators suggest a bullish momentum. Meanwhile, four 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 towards its support level of $22 or even beyond that considering the bearish nature of the market today.The short term and midterm indicators also compliment this and describe an increasing bearish trend for the Polkadot price
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