- Polkadot price analysis suggests retracement to $33.
- The closest support level lies at $34 mark.
- DOT faces resistance at the $36 level.
The Polkadot price analysis shows that after breaking through the $35.00 mark, DOT was met with strong resistance at the $36 mark. The resistance caused the price rally to halt and rejected the trend, sending DOT to the $32.50 support level. While the price has recovered since then, DOT still finds it difficult to climb above the $36 mark.
The broader cryptocurrency market observes a bearish sentiment over the last 24-hours as most major cryptocurrencies record a negative change over the period. Major players include AVAX and ADA that record a 12.00 and an 11.20 percent decline respectively.
Polkadot price analysis: High volatility as DOT breaks past $35
Across the technical indicators, the MACD is bullish as expressed by the green histogram. The indicator exhibited a crossover on September 9 and has been bullish since. However, the last 20 hours have observed a decline in bullish momentum across the chart as DOT struggled to climb above the $36.00 mark. Since the rejection, DOT has oscillated between the $36 and the $33 levels.
The EMAs are currently moving upwards showing strong buyer activity at press time. However, the 26-EMA has been catching up to the 12-EMA which has observed a declining gradient due to the selling pressure above the $36.00 mark.
The RSI is currently neutral but trades close to the edge of the overbought territory near the 70.00 index units. The indicator’s high position leaves low room for further upwards movement in the short term as that would cause the price action to destabilize.
The Bollinger Bands are currently wide as the price volatility has only increased in recent hours with DOT moving between the $33 and the $36 marks. Currently, the indicator’s upper limit is acting as resistance while the mean line provides support to the bulls enabling them to rest and recover.
Technical analysis for DOT/USDT
Overall, the 4-hour Polkadot price analysis issues a strong buy signal with 17 of the 26 major technical indicators suggesting an upwards movement across the timeframe. On the other hand, only one indicator is issuing a sell signal suggesting a low bearish presence at the current price level. At the same time, 10 of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour Polkadot price analysis shares this sentiment and shows 16 indicators in favor of the bulls against three indicators supporting the bears. The analysis exhibits a positive sentiment suggesting upwards movement for DOT. Meanwhile, the remaining eight indicators sit on the fence and do not support either side of the market.
What to expect from the Polkadot price analysis?
The Polkadot price analysis suggests high volatility for DOT in the short term. The mid-term technical analyses are strongly bullish while the short-term indicators show exhaustion. As such, traders should expect high volatility in the short term with a potential drop to the $34.00 mark. However, the positive market sentiment would result in a swift recovery.
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