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Polkadot price analysis: DOT rejected at $27.8. What’s next?

Polkadot price analysis DOT rejected at What s next

TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $28.3.
  • Support for DOT/USD is present at $26.4.

The Polkadot price analysis is bearish for today; the price has been trading low for the past few weeks, the trend line is downwards as the bears have been struggling to maintain their lead. A downtrend has been observed today as well, as the price has come down to the $27.4 level as the coin was rejected from the further upside at $27.8. This has proved to be quite detrimental for the overall coin value, as for now, the chances of recovery have been postponed. It is also expected that the price function may remain downwards in the upcoming hours as well.

DOT/USD 1-day price chart: Bears at lead

The 1-day Polkadot price analysis report confirms a downward price movement for today, as the price has declined up to $27.4. The decrease in price value is small but is on the downside. At the start of the trading session, bulls tried to show some progress but were not able to uplift the coin value as the price oscillation remained very low, and there on, bears have again sat in the driving seat. The price has been experiencing a fall for the past few weeks, with bullish interruptions as well. The bears have been able to bring the price down again in the last 24 hours after gaining the advantage of the situation. The price has also been trading below the moving average (MA) value as well which is at $28.

Polkadot price analysis: DOT rejected at $27.8. What's next? 1
DOT/USD 1-day price chart. Source: TradingView

The volatility has increased as the Bollinger bands are covering more area, indicating high volatility for the coin. The upper Bollinger band value has now moved to $42, whereas the lower Bollinger band value moved down to $23.8, representing support for the coin. The Relative Strength Index (RSI) score has undergone reduction to a certain degree, as well as it is now present at index 33, and its curve is nearly straight with a slight inclination downwards hinting at a lack of momentum.

Polkadot price analysis: Recent developments and further technical indications

The 4-hours Polkadot price analysis is declaring the bearish lead as the price has been declining in the last four hours, despite getting a breakout upwards today. In the past few hours, a downward trend has been observed as the price has moved down to the $27.4 level. The price has dropped significantly as the bearish momentum seems to be gaining strength in the last four hours. In the 4-hours price chart, the moving average is trading at $27, just below the price level.

Polkadot price analysis: DOT rejected at $27.8. What's next? 2
DOT/USD 4-hours price chart. Source: TradingView

The Bollinger bands show convergence, and the decrease in volatility has changed the upper band’s value to $28.9 and the lower band’s value to $25.9. The RSI level has decreased to 46 because of the drop in DOT price recently.

Polkadot price analysis conclusion

The Polkadot price analysis report is in favor of the bears at the time of writing. Most of the technical indications are also bearish, and price momentum is downwards right now, but the RSI curve shows a lack of momentum from either side. The bullish efforts at the start of the session were minimal, and the drop in price was also small. Today’s trend has to be set for intraday trading, depending on which side gains more strength. For today bears are leading right now, but the bulls have not been outplayed yet completely.

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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