Polkadot News

Polkadot Price Analysis: DOT to break past the $53.4 resistance

TL;DR Breakdown

  • 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.

DOT/USD 4-hours price chart. Source: TradingView

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.

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 November 11, 2021 10:02 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.

Recent Posts

Polkadot price analysis: DOT presents buying opportunity before $30 ascent

TL;DR Breakdown Polkadot price lowered another 3 percent during the day's trade Price continues to… Read More

January 20, 2022

Intel to bring a specialized Bitcoin mining chip in February 2022

TL;DR Breakdown:  Intel is reportedly releasing a specialized Bitcoin mining chip. It will be an ultra-low-voltage… Read More

January 19, 2022

Crypto friendly Singapore clampdown on crypto ATM services

TL;DR Breakdown Singapore orders crypto ATM providers stops working.Move to regulate crypto advertising to the… Read More

January 19, 2022

GK8, cybersecurity platform reel out new feature to ease integration with layer-1 blockchain

TL;DR Breakdown GK8 reel out additional features to its platform.The new features can enable banks… Read More

January 19, 2022

Monero price analysis: XMR recovers to $208, as support appears

TL;DR Breakdown The Monero price analysis is bullish.Resistance for XMR/USD is present at $214.Support for… Read More

January 19, 2022

Bitcoin Price Analysis: BTC rejects upside at $42,500 again, ready to continue lower?

TL;DR Breakdown Bitcoin price analysis is bearish today.BTC/USD retested $42,500 resistance earlier.Closest support at $41,000.… Read More

January 19, 2022

This website uses cookies.