- Polkadot price analysis suggests recovery towards $50.00
- The closest support level lies at $44.00
- DOT faces resistance at the $47.00 mark
The Polkadot price analysis shows that after failing to climb above the $54.00 mark, the sellers broke the $50.00 support level as DOT returned to the $44.00 mark. Currently, the price has climbed back above the $45.50 mark as the buyers regain momentum.
The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ICP and AVAX, recording a 5.76 and a 4.81 percent incline, respectively.
Polkadot price analysis: DOT climbs to $45 as bulls defend $44 support
Across the technical indicators, the MACD is currently showing bearish momentum, as exhibited by the red histogram. The indicator currently shows a decreasing bearish momentum as expressed by the lighter shade of the histogram. The MACD exhibited a bearish crossover on November 9 and has remained in the region since then as the Polkadot price fell from the $50.00 level.
The EMAs are currently stabilizing below the mean as the price action finds support at the $45.00 mark. The 12-EMA is moving upwards as the price tries to climb at the $46.00 mark. Meanwhile, the 26-EMA moves horizontally as the 26-day moving averages still show a bearish bias.
The RSI is currently neutral and trades at a low position at 35.69 index units. Currently, the indicator is moving horizontally, suggesting low activity from either side of the market. Overall, the RSI’s neutral position leaves room for volatile price movement in the upwards direction. On the other side, DOT has little room for further downwards movement across the short term.
The Bollinger Bands are currently wide but show convergence as the price action slows around the $45.00 mark. As the price action consolidates below the indicator’s mean line, traders can expect the indicator to converge downwards, setting up a lower resistance level for DOT in the short term.
Technical analysis for DOT/USDT
Overall, the 4-hour Polkadot price analysis issues a sell signal as 14 of the 26 major technical indicators support the bears across the timeframe. On the other hand, only two of the indicators support the bulls showing no significant buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.
The 24-hour Polkadot price analysis contradicts this sentiment and presents a neutral sentiment with nine indicators leaning towards the sellers while eight support the buyers. Overall, the analysis issues a neutral signal with a slight bearish bias suggesting a struggle of dominance between the bulls and the bears. At the same time, nine indicators do not lean towards either side of the markets, further increasing the confusion.
What to expect from the Polkadot price analysis?
The Polkadot price analysis shows that the bulls struggled and failed in climbing above the $54.00 price level, causing the support at $50.00 to collapse. After setting up multiple lower highs, the price had fallen to the $44.00 mark but has since recovered above the $45.50 mark.
Currently, traders should expect the buyers to defend the $44.00 mark as the price returns to the $50.00 mark. While the technical analyses show bearish dominance, the short-term indicators show bearish exhaustion suggesting a trend reversal is imminent as further downwards movement is unlikely given the bullish sentiment of the markets.
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