- Polkadot price analysis is bearish today.
- Price fell as low as $25.17 as major technical indicators favor selling action
- 24-hour RSI sits at 32.53, with trading volume dropping more than 15 percent
The price analysis for the day is yet another terrible sign for bulls, with prices declining on consecutive days. Price dropped further to as low as $25.17, approaching the $21 support floor, bringing the total reduction of over 20% since its high. On a recovering cryptocurrency market on this day, Polkadot was one of the few coins to drop lower. Price ended the session significantly below the $30 pivot that the bulls hope would be a good target. Trading volume also decreased by more than 15% to indicate market stagnation for the coin. The momentum accompanying the coin is very low, making it likely that the price could sink further.
DOT/USD 24-hour chart: Lowly RSI compounds bearish outlook
The price of Polkadot is presently trading at $21.67, with a market capitalization of around $300 million. Price decreases further past the crucial 50-day Exponential Moving Average at $27,84. The 24-hour Relative Strength Index (RSI) sits at 32.43, highlighting the undervalued market status for DOT and adding to the bearish picture. With these indications, the main signal may be interpreted as a selling one, as Polkadot’s price appears set to resist support at $21.52.
The Bollinger bands are narrowing, suggesting that a volatility squeeze could be incoming. The RSI has been stuck in oversold territory for the past few days and is indicative of the lack of buying pressure at the moment. The MACD remains in bearish territory, still providing no support to bulls.
With prices continuing to decline, it is looking increasingly likely that Polkadot will revisit its January lows around $21. Bulls would need to see some serious strength to stop the plunge if the coin were to re-test its mid-December 2018 resistance. For now, it seems that buyers are keeping away from this coin as they wait for a reversal sign.
DOT/USD 4-hour chart: Price set to go as low as $21 before fighting back
The DOT/USD pair’s 4-hour chart shows price stagnation and difficulty consolidating any significant momentum towards the top. The 4-hour RSI is at a low of 35.76, with no indicators of an upturn. Price appears to be heading down to test the support floor at $21.52, where buyers would be anticipated to enter the market and start the climb up. Price is presently just above the curve of the lower Bollinger bands, indicating that it is stuck in place and declining play.
The RSI has been stuck in oversold territory for the past few days and indicates a lack of buying pressure when MACD remains in bearish territory, still providing no support to bulls. With prices continuing to decline, it is looking increasingly likely that Polkadot will revisit its January lows around $21. Bulls would need to see some serious strength to stop the plunge if the coin were to re-test its mid-December resistance. For now, it seems that buyers are keeping away from this coin as they wait for a reversal sign.
Polkadot Price Analysis: Conclusion
According to most technical indicators, DOT price is expected to fall further until the support floor at $21.52 is achieved. With no sign of an imminent turnaround, traders will be looking to start new selling campaigns.
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