Polkadot Price Analysis: DOT/USD is bearish for the next 24 hours

Tezos Price Analysis

TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $26.4.
  • Support for DOT/USD is present at $24.4.

The Polkadot price forecast is negative once again, as the crypto pair has fallen to $25.5, completing a new low. After August 28th, the value has fallen to a three-month minimum level. Today’s bearish momentum began when the coin encountered resistance at $26.2 yesterday and started to slide. The decline was exacerbated by a break below the $25.0 support level.

At this point, the bears will be looking for a $24.4 support area test. A move below this could see DOT fall to $22.0 or lower. Conversely, if the bulls can muster up enough strength to push prices back above the $26.2 resistance level, we could see a return to $28.0 or higher.

DOT/USD price movement in the last 24 hours: DOT to set a lower low below $26

The price chart for Polkadot price analysis reveals that the coin is again covering a range downward as the price function moves from $26 to $25.5 at the time of writing. The cryptocurrency has dropped more than five percent in value over the last 24 hours and 4.27 percent over the past seven days. Over the previous 24 hours, Polkadot has had a volume of $5.5 million.

The bears have taken over the market, pushing the value of DOT/USD to a new low at $25.5. A break below the $24.4 support level could see prices fall to $22.0 or lower. The bulls will need to push prices back above the $26.2 resistance level to retake control of the market and continue the uptrend from earlier this month.

The volatility for the DOT/USD pair is high, with the Bollinger bands maintaining the gap between their extremities. The upper band can be found at $38, and the lower band can be found at $21.9, representing support for the DOT/USD pair. Resistance is marked by an average of the Bollinger bands at $30, according to TradingView.

The RSI (relative strength index) is in the lower half of the neutral zone, with an inclination downward, at index 33. ACCORDING TO THE INDICATOR, the DOT market has relatively more selling activity, suggesting that the price is under pressure as the RSI score is quite low.

DOT/USD four-hour price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis reveals that the bears were in control for the previous 20 hours, but bulls are now supporting the currency’s price at $25.5, as shown by a tiny green candlestick forming on the charts. This indicates a bullish presence, but we anticipate support to be located around $24.4, so the coin may begin to fall further.

Polkadot Price Analysis: DOT/USD is bearish for the next 24 hours 1
DOT/USD 4-hours price chart. Source: TradingView

The RSI, on the other hand, points to the existence of bullish forces as the RSI curve has flattened out due to buying support that appeared as the RSI is currently holding at index 41. The 4-hour chart’s volatility is low since the Bollinger bands came together until December 16th. They converged and became a narrow channel with its extremes at $27.7 for the upper and $24.7 for the lower, respectively. The MA is above the average volatility indicator line, and the price level at the $26.4 mark is the closest to the MA line. The Parabolic SAR, on the other hand, is below the candle’s body at its position.

Polkadot Price Analysis: Conclusion

As the price function remains under pressure, the Polkadot price analysis suggests that the coin continues its downward trend. The 4-hour chart shows a bullish spree, which may not endure long enough, and we anticipate the price to continue to fall below $24 later today.

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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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