- Polkadot price dropped another 3 percent on the day’s trade to form consecutive 24-hour dips
- Price fell as low as $25.17 as major technical indicators favour selling action
- 24-hour RSI sits at 32.53 with trading volume dropping more than 15 percent
Polkadot price analysis for the day shows another dire sight for bulls, as price lowered on consecutive days. A further 3 percent decline took price as low as $25.17, closer towards the $21 support floor. In a recovering crypto market on the day, Polkadot recorded as one of the few coins to have descended. Price dropped further below the $30 pivot that is a desirable target for bulls. Trading volume also dipped more than 15 percent to highlight the market stagnancy status for the coin.
The larger cryptocurrency market largely showed signs of recovery after yesterday’s significant decline. Bitcoin moved past $47,000 with a slight move upwards. Ethereum stays in touching distance of the $4,000 mark, having descended as low as $3,700 yesterday. Major Altcoins also showed recoveries, with Cardano rising 2 percent, and Dogecoin and Solana upping 1 percent each. The biggest positive movement in the market was seen with Dogecoin, as price soared 18 percent up to $0.181.
DOT/USD 24-hour chart: Lowly RSI compounds bearish outlook
The 24-hour chart for Polkadot price analysis shows price lowering further past the crucial 50-day Exponential Moving Average at $27,84. The 24-hour Relative Strength index (RSI) also sits at a lowly 32.43, highlighting the undervalued market status for DOT. To complete the bearish picture, the Moving Average Convergence Divergence (MACD) curve can be seen sitting below its neutral zone, and well below the 0.00 mark as well. With these indications, the major signal can be taken as a selling one, as Polkadot price seems to be set to fight support at $21.52.
DOT/USD 4-hour chart: Price set to go as low as $21 before fighting back
The 4-hour chart for the DOT/USD trade pair shows price stagnancy and struggle to consolidate any meaningful momentum upwards. The 4-hour RSI sits at a lowly 35.76, with no signs of an upturn. Price looks to be going down to test the support floor at $21.52, from where buyers would be expected to come into the market an initiate an upturn. Currently, price sits just above the bottom Bollinger bands’ curve, showing price stagnancy and downturn in play.
Polkadot price analysis: Conclusion
Majority technical indicators suggest that DOT price is set for further decline till the support floor at $21.52 is reached. With no prospect of immediate upturn, traders will be looking to initiate further selloffs, as also indicated by the Awesome Oscillator.
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