- Polkadot price analysis is bearish today.
- Support is still standing at $50.1.
- Resistance is found at $53.4.
For today, the Polkadot price analysis is bearish. The DOT/USD hasn’t received enough support to rise yet because the price has fallen to $47.4 now. If it drops below $46, as stated in our previous report, this will negate the bullish scenario entirely, with the Polkadot continuing its decline for a longer period. For an advance higher move, the next inline support is $45.1, which must be maintained for any upward movement.
DOT/USD 1-day price chart: Coin continues downside
The 1-day Polkadot price analysis reveals that the cryptocurrency’s value has decreased again today, with the coin trading at $47.4 as of publication, continuing to fall. The DOT/USD lost more than five percent of its worth in the last 24 hours, but Polkadot still showed a small gain of 5 percent over the previous seven days, which may turn into negative if the decline continues. Over the last 24 hours, the market capitalization has fallen by 4.44%.
The Polkadot’s volatility is still high, with the upper Bolinger band at $56 representing resistance and the lower band at $38, the average of the Bollinger bands. The price has also fallen below today’s moving average (MA), which is a bearish crossover. The Stochastic Oscillators are now pointing downwards, which is a sign of further downside.
DOT/USD four-hour chart: Recent developments and further technical indications
The Polkadot price chart analysis reveals that the price breakout was downward at the start of today’s session. Still, supportive resistance emerged when the price fell to $47 and has been recovered modestly as it trades at $47.5 presently.
The next support level at $45.4 is still holding up, but the downtrend resistance line has been breached to the upside for now, with it being likely that it will be retested soon. If this support breaks, more decline is expected, and the next viable targets would be $44 and $42.7. As we can see on the chart above, I expect us to trade close to these levels during mid-week unless we get strong positive news about Polkadot or something else that could kickstart a bullish trend.
The relative strength index has dipped as low as 60 in the upper half of the neutral zone, with the RSI score still on the higher end. The steep downward curve of the RSI indicates that selling is taking place in the market.
Polkadot price analysis: Conclusion
The Polkadot price analysis reveals that the coin’s price was just saved just below $48. The likelihood of further growth is greater as the price has increased over the last hours. If the bullish support holds, we anticipate DOT/USD to return to $51.5 in the following hours.
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