- Polkadot price analysis is bearish for next week.
- DOT/USD retraced to $32 overnight.
- DOT has lost its momentum this week.
On the five-day Polkadot price analysis chart, the coin traded in a range of between $30-$33. Suggesting moderate activities have been taking place during the five-day trading sessions.
In addition, the 20-day Moving Average crossed over the 50-day Moving Average, implying that the coin was bullish at the time. However, the long-term MA did not cross over the short-term Moving Average, meaning that the buyers took control of the market in most trading sessions.
On the daily price analysis, the Bollinger band is very wide, indicating the coin is highly volatile despite trading a bearish trend. The currency has been trading in a range of intraday lows of $31 and the highest of the day, $34. This should make investors keen enough as one can lose his money or record high gains. High volatility best suites swing traders, buying the coin when the price is down and selling them after it has spiked.
Polkadot price movement in the last 24 hours: Polkadot attempting to break out of $34 into $36
In the last 24 hours, Polkadot (DOT) has fluctuated between $33.6 and $34.91, indicating low volatility over that period. Volumes have decreased by 22.93 percent to $1.37 billion, while the overall market capitalization is around $32.2 billion, putting it at position 9th place overall.
Bitcoin is trading at $45.6K a -4 percent deviation. The closest Bitcoin competitor is trading slightly below $3.2K with more than a 5 percent deviation. BNB is also trading in the same dangerous trend. Buyers seem to have shifted to Solana, causing its price to surge, recording the highest gain of the day. Polkadot also trades in a total bear market, recording a 9 percent price decline. Nevertheless, this should be good news for traders who have not invested their fiat in the cryptocurrency market. Any investor willing to invest in the crypto space should invest their money at such a time when the market is bearish and wait for the bulls to reverse the bear trend hence increase in the invested capital.
DOT/USD 4-hour chart: DOT set for further retracement?
We may see a sideways movement in the Polkadot market over the next couple of days, as shown by the 4-hour chart.
DOT/USD 4-hour chart. Source: TradingView
The price of Polkadot has increased significantly this week. After establishing a higher low, around $23.5, on the 26th of August, DOT/USD gained more momentum this week.
Until the $34 level was reached after a slowing in momentum and a somewhat higher high, indicating exhaustion, DOT had gained about 45 percent. This price movement has resulted in a little retracement over the last 24 hours, with the $32 mark serving as support for now.
Polkadot Price Analysis: Conclusion
According to the Polkadot price analysis, a retracement is on the way following the downward price trend. Bulls seem to be on the drawing table strategizing for an attack. Bulls will reverse the bearish trend in a few hours to come.
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