Polkadot News

Polkadot price analysis: DOT/USD set to break above the intraday highs of $37.5

TL;DR Breakdown

  • Polkadot price analysis is bearish.
  • DOT/USD is currently trading at $36.
  • Minor support has been created at the $32.58 stand.

According to the daily and hourly Polkadot pricing analysis, the price is falling. This is because the bears have been able to depart via bullish momentum, and red candlesticks have reappeared on the price charts. More sellers are intruding into the price flow, and DOT is facing resistance from a bearish position. Minor support has been created at the $33.58 stand.

The downtrend for this week continues as the value of DOT remains below SMA100 and SMA200, which are at $35.60 and $35.58, respectively. From the monthly DOT/USD chart, we can see that the RSI has reached a score of 35%. That indicates that the price is likely to go downwards from here. In addition, the Bollinger bands remain separate as opposed to being close together, which means increasing volatility.

DOT/USD 1-day price chart: DOT undergoes depreciation after bearish overturn

The price is continuing to drop, after having risen briefly during the day. The one-day price assessment of Polkadot continues to back the decline, with the price resting on the $33.43 mark. Last week helped Bitcoin‘s value improve considerably, but today’s trends have undergone a small change.

Looking at the 200 MA trend line, the price has come to a point resting on it. The bears are taking complete control of this trading ground, so there’s nothing left for the bulls but to retreat. On the DOT/USD hourly chart, we can see that the price has begun to fall once again after having risen briefly during the day. Now, it is standing at the $36.18 mark, where it has exceeded the 23.6 retracement point in favor of the bears. Having approached that position, DOT sees bearish momentum take control over its price again.

DOT/USD four-hour price chart: Price enters into critical region as the market gets volatile

The four-hour Polkadot price forecast is for a bearish trend, as the price has been steadily decreasing for the past several hours. The downtrend has taken people by surprise, as the value was traveling safely earlier in the day. It has retreated to $36.46, below the previous and current moving averages at $36.60 and $36.58, respectively. From the chart, we can see that the RSI has taken a dip down to 35%. That means there is already an indication of what’s to come for the next 24 hours.

Source: TradingView

As seen below, the $35.35 mark of the average Bollinger band tells us that the volatility is increasing, and the price is expected to jump soon.

The four-hour DOT/USD chart shows us that the price is struggling to exit the area between $35.58 and $36.18, as it remains at a standstill in this zone and continues to waver around these two points. The RSI has reached 35%, which means there’s an indication of what’s to come for the next 24 hours. However, it’s still too early to predict anything for this day.

The Polkadot (DOT) value has fallen again to $34.56 after having recovered briefly at the beginning of today’s trading session. The downtrend has taken people by surprise, as the value was traveling safely earlier in the day. However, it has now succumbed to bearish pressure and fallen back to its present position. That means that DOT is currently hovering around its previous low of $34.55.

Polkadot price analysis conclusion

Today’s price decrease was anticipated by the one-day and fours Polkadot price analysis. After a reversal, the bearish candlesticks reappeared on the price chart as trends reversed. The price has dropped to $36.43, which has been for quite some time, after the bearish resurgence. However, if $35.72 is crossed out of the Bollinger band, there will be a change in trend.

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.

This post was last modified on October 11, 2021 11:12 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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