Polkadot Price Analysis: DOT/USD will break past the $27.4 resistance

Solana price analysis

TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $27.4.
  • DOT/USD is currently trading at $25.

The Polkadot price analysis is bearish, as it shows the coin experiencing a substantial drop in value. The price is declining, and the bearish momentum has been resurrected in recent days. Today’s fall was accompanied by a negative trend movement, as the market has become entirely bearish. The bulls have found themselves at a tremendous disadvantage because none of the previous supports had functioned for them. The price has plummeted unexpectedly to $26, and it may drop even lower next week.

The market has not been able to reclaim its lost ground even after the bulls made several attempts throughout yesterday. The resistance for DOT/USD is present at $27.4, and this price level will continue to function as a roadblock until the following week begins. By then, the bears should be gone, and it may give way to the bulls once again, especially if Bitcoin continues improving its value next week. The first target that can facilitate growth is pushing DOT/USD above $30, which could happen within the coming days if cryptocurrencies gain momentum during this period.

RSI (14) level remains under pressure, but that does not mean that the coin will continue plummeting indefinitely. Once the RSI level reaches 30, it would become entirely bullish, which means that DOT/USD could trade around $33 in a matter of days. As for its market analysis, there is no bullish sentiment to be observed anywhere on the market. Several resistances impede progress at present, but it remains unclear whether or not they will function as roadblocks beyond the coming week.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price chart indicates that the price has declined further today after breaking down. However, bulls attempted to raise the price function throughout the late night and even during the final four hours, but the trend is still in favor of bears as the price reached the lower end of the $26 range.

Polkadot Price Analysis: DOT/USD will break past the $27.4 resistance 1
DOT/USD 4-hours price chart. Source: TradingView

Because of the significant drop in price earlier today, a crossover between SMA 50 and 20 curves occurred. The Bollinger bands Indicator reveals heightened volatility on the 4-hour chart as the Bollinger bands are growing wider. At an index of $37, the upper value of the indicator is $31.9, while the lower value is $25.5. The RSI score has dropped to near-underbuy conditions at an index $37, with a critically low RSI score close to the under-bought limit at that level.”

Polkadot Price Analysis: Conclusion

The Polkadot price analysis shows that the price has dropped throughout the day. The price is presently near $26.2, and it is expected to head even lower in the coming week. Despite this, the hourly chart supports the bulls, as the rate has been boosted during the past four hours as a result of bullish efforts.

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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