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Polkadot price analysis: DOT faces rejection at $47.1 as bears takes over

Polkadot price analysis DOT faces rejection at as bears takes over

TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $47.4.
  • Support for DOT/USD is present at $44.7.

The Polkadot price analysis shows that the coin got rejected from further upside as the price went near $47.1. Earlier, the DOT was rejected at $47.6 on 11th November, and it seems like bears are tightening their grip day by day, as now the price trend line has started forming slightly downwards. Every upwards price cap is lower than the previous one from 8th November onwards, which shows bearish empowerment.

DOT/USD 1-day price chart: Bulls to defend $44.7 support

The 1-day Polkadot price analysis shows bears have decreased the price from $47.1 to $46.7 today as the DOT/USD is trading at the later value at the time of writing. The decrease in price is small but shows bearish supremacy. Due to the nominal damage of today and yesterday’s bullish efforts, the crypto pair still shows an increase in value by almost two percent over the last 24 hours. In contrast, the DOT reports a loss in value by more than 10 percent over the past week. The trading volume has dipped by 35 percent as well.

Polkadot price analysis: DOT faces rejection at $47.1 as bears takes over 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is high for the cryptocurrency as the Bollinger bands are expanded immensely, with the upper band at the $56 mark and the lower band at the $39 mark representing support for the DOT, as the price is trading between the lower band and the mean average of the indicator, the mean average at $47.9 represents resistance for DOT.

The moving average (MA) is trading at $49.1 above the price level, and the relative strength index (RSI) is present near the centerline of the neutral zone at index 51. The slight downward slope of the RSI shows more selling activity in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows most of the damage was observed during the first four hours of today’s session. Recently bullish efforts have emerged as the price slippage has stopped, and the last candlestick on the 4-hour chart is green but smaller in size.

Polkadot price analysis: DOT faces rejection at $47.1 as bears takes over 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is high on the 4-hour chart as well, with the upper Bollinger band at the $49 mark and the lower band at the $46 mark, making an average at the $46.8 mark. The MA is trading below the price level at the $46.3 mark, but the RSI is in the lower half of the neutral zone at index 43, and the RSI movement is almost straight, hinting at the presence of both the bearish and bullish elements in the market.

Polkadot price analysis conclusion

The Polkadot price analysis suggests that the coin is facing strong resistance around the $47 mark, as it failed to break through this crucial resistance multiple times. It feels like the $47-$48 range lies in a strong bearish territory; although we have observed that DOT moved past this range in a swift move on 1st November on its journey towards the ATH, now the circumstances are different. The market for DOT is still inclined towards the bullish side, but the intensity has decreased over the past few days. However, there are some encouraging signs on the daily chart as well as the overall trend is still upwards, but for intraday trading, the bullish exhaustion is clear.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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