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Polkadot price analysis: DOT faces trouble at $26 as bearish impulse continues

Polkadot price analysis DOT faces trouble at as bearish impulse continues

TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $28.
  • Support for DOT/USD is present at $26.1.

The Polkadot price analysis is bearish as the coin is finding it hard to break past the $26 range. The cryptocurrency is still on a bearish slide after the price peaked at $54 on 4th November, along with the overall market being bearish. The price trend line has been downwards since then as the DOT/USD crypto pair has lost nearly 50 percent value over the last month. And according to the ongoing market condition, it seems like the bearish trend will continue for the coming days as well. But the $26 area seems like the DOT has finally found a floor, and this support zone is currently under test.

DOT/USD 1-day price chart: DOT on a downslide

The 1-day price chart for Polkadot price analysis shows the price has decreased today again after recovering marginally for the last two days. DOT is trading hands at $26.7 at the time of writing, and despite a decline in price today, the DOT/USD pair reports an increase of 2.19 percent in value over the last 24 hours due to yesterday’s bullish activity but on the other hand DOT reports a loss of more than seven percent over the course of the last seven days. The trading volume for today is actually less up till now but is up by 35 percent over the last 24 hours, resulting in the market dominance of 1.19 percent.

Polkadot price analysis: DOT faces trouble at $26 as bearish impulse continues 1
DOT/USD 1-day price chart. Source: TradingView

The volatility for the DOT/USD pair is high as the Bollinger bands are indicating by maintaining its expansion, the lower band has reached the $22.5 mark representing a support zone for DOT, and the average of the indicator at $30.7 represents resistance for DOT/USD.

The relative strength index (RSI) is on a slight downward slope at index 35, showing the increasing selling activity in the market; however, the RSI is still neutral with a slight inclination towards the bearish side, but overall it suggests a lack of momentum from either side.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows a continuous decline in price from the start of today’s trading session. However, bulls made some good efforts yesterday to elevate the price when they rallied from $24.4 to $27.1 in just a few hours, providing good support to the coin’s price.

Polkadot price analysis: DOT faces trouble at $26 as bearish impulse continues 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is decreasing on the 4-hour chart for the DOT/USD pair as the upper Bollinger band has moved down to $28.5, representing resistance for DOT, and the lower band is present at the $26.3 mark after moving up, making an average at $26.5, representing support for DOT/USD. The RSI has entered the lower half of the neutral zone after trading a little higher previously and is present at index 49; the downslope of the RSI indicates increasing selling activity. The moving average is also present just below the price level at the $26.3 mark.

Polkadot price analysis conclusion

The Polkadot price analysis is bearish today, as most of the short-term and mid-term indications are in favor of bears. The RSI is also showing a lack of momentum, and the coin is currently testing a $26 support zone which is holding up for now. This support is also the lower side of the moving average 200, and we expect DOT to cross it up and turn it into support soon if the leader Bitcoin gains some momentum as it will have a huge impact on DOT’s value. For intraday, the DOT/USD can be expected to trade around the $26-$27 range.

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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