TL;DR Breakdown
- Polkadot price analysis shows price receded more than 7 percent to reach a low of $16.75
- The current trend provides a healthy buying opportunity before next 55 percent upturn
- Trading volume grew 18 percent as price fell along with trading volume at 7 percent each
Polkadot price analysis showed highly bearish signs today, as price continued its decline from yesterday. After crossing the $18.66 resistance on February 26, DOT has been in continuous decline that has carried into the new week taking price as low as $16.75. Market cap for the token also dropped 7 percent along with price, as trading volume grew more than 18 percent to post a significantly bearish outlook for the token.
However, buyers will be tempted to come into the market with potential gains on offer as price hovers above $15.84 support. Once some consolidation can take place, DOT price is expected to launch up to $27.04 with a 55 percent upturn on offer. Resistance currently lies at $19.06 and the 24-hour price action will have to take place near and beyond this point for the suggested upturn to occur.
The larger cryptocurrency market also posed a bearish outlook, led by Bitcoin’s 3 percent decline to stay just above $38,000. Ethereum receded a significant 6 percent to drop down to $2,600, whereas Altcoins also descended. Ripple dropped 3 percent to $0.72, while Cardano, Dogecoin and Terra dropped 1 percent each. Litecoin declined down to $102.97, along with Solana’s 1 percent drop down to $89.20.
Polkadot price analysis: 24-hour chart shows positive signs for uptrend
On the 24-hour candlestick chart for for Polkadot price analysis price can be seen heading upwards after crossing the crucial 25 and 50-day exponential moving average (EMA) at $17.79. DOT has been hovering in a close range since February 17, forming more of a rectangular pattern that seems about to be changed over the coming trading sessions. As the US market comes into the day’s trade, price is expected to shoot up to test the $19 mark. For this movement, the relative strength index (RSI) shows positive and increasing market valuation at 49.37, whereas the moving average convergence divergence (MACD) also shows bullish highs above its neutral zone.
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