Ethereum
$ 1,058.56 6.30%
Solana
$ 31.80 9.76%
Dogecoin
$ 0.065165 0.57%
ApeCoin
$ 4.36 9.38%
Bitcoin
$ 19,429.81 3.25%
BNB
$ 210.96 4.25%

Polkadot Price Analysis: DOT/USD set to break lower in the next 24 hours

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis is bearish today
  • 14 moving averages show sell signal.
  • The $20.46 mark still pose a major hurdle for Polkadot breakout

On the technical analysis, meanwhile, the DOT/USD pair faces a lot of sell recommendations. 16 out of the 26 most important technical indicators are pointing toward negative territory. 14 out of the 15 most significant moving averages indicate a selling mood. The oscillators are currently positioned in neutral with 1 buy indication, 8 neutral signals, and 2 sell signals.

All the indicators on the daily time frame that we use to analyze and draw conclusions for DOT/USD are bearish, with almost all suggesting a negative bias. The only oscillator expected to rise is the Relative Strength Index (RSI), which picked up from the 40s and currently standing at 50.749, so some buying pressure could be experienced.

Net value indicators are also negative. The percentage of long positions is very low (3%) while the number of short positions (65%) is high, with an average of 50%, which traditionally denotes a net bearish mood on the market.

The $20.46 mark is the main obstacle standing in the way of Polkadot price action today. Buyers attempted to break through the $20 barrier in the morning, but they ran into resistance at the hurdle. Daily traders should keep an eye on this point and buy the dip below the resistance; however, they will have to fight another.  Around $19.5, minor daily resistance can be found in the form of another peak in intraday Bollinger Bands (BBL) and RSI signals.

Polkadot 4-hour price analysis: Recent price developments

The immediate buying opportunity presented itself at around $19.4, where major daily support is found in the form of RSI signals that are higher than 50 and Bollinger Bands (BBL) that are moving away from the mean. The support was tested in the late American session, but it managed to hold until the breaking of resistance in the $20 range.

Polkadot price analysis
DOT/USD 4-hour price chart: TradingView 

For those interested in buying Polkadot, now looks like a good time as the pair faces major buy signals near support at $19.5 and minor resistance at around $20. If the price breaks below, traders should go short until it finds minor support at $17.7.

On the other hand, if Polkadot breaks above the $20 mark, it will likely test resistance in the $21 range in the American session before returning to try to break back through in the last few hours of the European session. These three periods constitute important trading sessions in which price action is more likely to remain stable.

Polkadot Price Analysis: Conclusion

The weekly Polkadot price analysis is bearish due to the fact that market indicators are putting more pressure on the bulls to test $17 and $18. The $20 and $22 resistance levels prevent the para chain cryptocurrency from breaking out and testing January’s highs between $27 and $28. The price of Polkadot may rise into the weekend to test the $21 range, but early next week will likely see a drop to at least $17.5.

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.

Related News

Hot Stories

Online casinos trends in Ireland: the future of gambling
Monero and Bitcoin
Bitcoin, Ethereum, Shiba Inu, and Litecoin Daily Price Analyses – 29 June Roundup
Polkadot price analysis: DOT continues to decline with low of $7.06 recorded
Bitcoin price analysis: BTC touches $19,775 as bears threaten another sharp pullback

Follow Us

Industry News

Three Arrows could be liquidated due to the crypto market's bearish streak
Ronin bridge returns online after hack
Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months