- The crypto market is bearish today
- DOT/USD is trading between $15.52 and 15.14
- Unlikely to retrace to $17.66 overnight
- Further downtrend is expected
Our Polkadot Price analysis reveals that the market today is bearish due to the lower lows a few hours ago. Through the remaining part of the day, a further downtrend is expected as the resistance still seems high, with the RSI indicating a slightly undervalued market.
The crypto heat map shows that the market is bearish today. Bitcoin underwent a decrease of 1.67 percent whereas Ethereum has lost almost 2.49 percent. Though, XRP and LTC have had slight gains. The remaining altcoins follow the same pattern as Bitcoin and Ethereum.
Polkadot price movement in the last 24 hours
Based on the last 24 hours Polkadot price analysis, DOT/USD is trading between $15.52 and $15.14. With a current market cap of $14,584,319,641, Polkadot stands in the 9th Rank.
There has also been significant volatility in the price recently. A consistent bearish trend can be observed between the 7th and 10th hours today. After this bearish engulfing, bulls have tried to push DOT to retrace the losses, but the odds are not stacked in their favor.
At the same time, the RSI curve on the 1-hour is leveled at around 34, which suggests that the market is undervalued. However, the slope is somewhat constant, which shows stability and indecision in the market.
DOT/USD 4-Hour Chart – Ready to push further down?
A bearish downfall is observed in the 8th hour followed by some bullish momentum 4 hours later. However, the resistance is huge right now, which could lead to another downtrend in the coming few hours.
Currently, the RSI curve on the 4-hour chart is set at around 40, which indicates that the market is slightly undervalued. After a consistent decrease, the curve has become somewhat constant which might be a good sign for stability.
However, from here, the market could improve, and the DOT/USD price could become bullish. Nevertheless, even after a bull run, it seems unlikely that Polkadot will retrace to $17.66 (7th of July high) throughout the next week.
Overall, there is a bearish sentiment in the market today. Similar patterns are seen throughout the last few days. This might be a good time for short investments as the market is expected to shoot up sooner or later after the resistance becomes exhausted.
Currently, there is plenty of indecision in the market as Polkadot seems to have reached a support line of $15.1. At this point, investors might be more inclined to make short-term profits, resulting in short bullish bouts. However, whether that will happen or not is unclear.
Polkadot Price Analysis: Conclusion
Overall, DOT/USD is quite bearish today. While there are chances that the market will recover as Polkadot seems to have reached the $15.1 support line, a significant increase seems unlikely in the next few hours.
Perhaps later this week, resistance may decrease. But as of now, the Polkadot price analysis shows that high resistance is overcoming all short bullish bouts resulting in further downfall.