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Polkadot price analysis: DOT/USD on a bearish trend for the next 24 hours

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $21.9.
  • Support for DOT/USD is present at $19.3.

Today, the Polkadot price analysis highlights that investors are bearish on the DOT/USD pair. The price is moving towards the low of $19.3, recently seen. This level can support this cryptocurrency because it has been tested multiple times in the last month. Furthermore, the price is trading below the 20 day EMA and 50 day EMA. This indicates that investors are bearish on this cryptocurrency.

Also, the MACD line and the signal line are below zero, which shows no significant bullish momentum present in this cryptocurrency. Also, the Relative Strength Index period 14 is level 29, which shows that price is in the sideways zone.

The short-term outlook for this cryptocurrency is bearish, and long-term investors should stay away from this cryptocurrency until a breakout occurs above the $21.9 resistance level. This will indicate a possibility of a change in trend that can be used to make profits in the future.

DOT/USD 1-day price chart: DOT sheds 6.18 percent more

Today’s PolkaDot price analysis places the value of DOT/USD at $20.4. Daily volume has been falling since February 9th, and this data should concern both bulls and bears alike. The next few days should see some volatility for the DOT/USD, but today’s price action should be decisive for the market. The next few days will see whether the bulls or bears have a stronger grasp on the market and will likely determine where the price heads over the coming weeks.

Today’s $20.4 has been reached after a significant drop yesterday, which took the value below $23.5. If this level is breached today, a further fall could occur towards $19.3, a level that is likely to provide support for the DOT/USD today. If this level is breached, a further drop below could be expected as momentum from February 9th’s price decline carries forward. Otherwise, if resistance at $21.9 is breached, a bullish trend may be seen as traders enter the market.

Polkadot price analysis: DOT/USD on a bearish trend for the next 24 hours 1
DOT/USD 1-day price chart. Source: TradingView

The price decline from February 9th’s high of $23.5 was significant and has been creating a series of lower highs and lower lows for the DOT/USD, which was near resistance at $21.9. If this level is breached, then a further drop could occur. If support at $19.3 is breached, a further fall below would be likely.

The Fibonacci Retracements show the expected levels for today’s resistance and support points. The 38.2% Fibonacci Retracement comes in at $21.9, which is likely to act as a resistance point for today’s market conditions on the PolkaDot price analysis graph. If this level is breached, it could see further gains for the DOT/USD, but if support at $19.3 is breached, a further drop below would be likely.

DOT/USD 4-hour price chart: Recent price developments

The recent market volatility was significant and has likely influenced the current price decline. If support at $19.3 is breached, further losses are expected for the DOT/USD. Otherwise, if resistance at $21.9 is breached, an uptrend may be seen as traders enter the market.

Polkadot price analysis: DOT/USD on a bearish trend for the next 24 hours 2
DOT/USD 4-hour price chart. Source: TradingView

The PolkaDot price analysis is bearish today. Today’s value of $20.4 was reached after a significant loss yesterday. The Elliot Wave count shows that the downtrend will likely continue, with no reversal in sight. The wave structure suggests that there may be one more decline before possible Elliot Wave Count for the PolkaDot price analysis.

The RSI is at 37.9, and it has been in oversold territory for the majority of today’s trading session. If this level continues to decline, there could be an opportunity for a potential bullish run. Still, if the RSI breaks above 60, it may signal Elliot Wave Count’s bearish moment for the PolkaDot price analysis.

Polkadot price analysis: Conclusion

DOT has been in a downtrend since February 8th, when it experienced continuous bearish assaults. Today’s value of $20.4 was reached after a significant loss yesterday, and the Elliot Wave count shows that there may be one more decline before a possible uptrend.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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