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Polkadot price analysis: Dot corrects at $19. Will support at $18.7 persist?

Polkadot price analysis Dot corrects at Will support at persist

TL;DR Breakdown

  • Polkadot price analysis shows a bearish trend.
  • Resistance for DOT is found at the $19.8 level.
  • Support for DOT is present at $18.7 position.

The Polkadot price analysis is on the bearish side as it shows the selling pressure has built up in the market. Earlier, the market was following a bullish trend as the price was on recovery, but as the price reached $19.8, the selling pressure started to build, and the price started to oscillate downwards. As the coin entered a correction, the price came down to $19.1. Support is present at $18.9, and then on $18.7, DOT may observe a slow down in downward oscillation at this point and may start recovering again if the support proves strong enough.

DOT/USD 1-day price chart: Bulls look for support around $18.7 edge

The 1-day price chart for Polkadot price analysis shows bears are defining the price action for today. The DOT has been correcting for the last 12 hours after touching $19.8 in the previous trading session. The crypto pair is trading hands at $19.1 at the time of writing. The past week overall proved good for the crypto pair as the price trend line remained upwards, and the coin reports a 5.40 percent increase in value over the last week. However, today, the trend has been different as the bears are ruling the price charts by devaluing the coin value. The moving average (MA) is standing at $18.4 below the price level.

Polkadot price analysis: Dot corrects at $19. Will support at $18.7 persist? 1
DOT/USD 1-day price chart. Source: TradingView

The volatility for the DOT price function is mild as the Bollinger bands indicate, with the Upper band at $19.7 representing the strongest resistance and the lower band at $16.1 representing the strongest support, making an average at $17.9 below the price level. The relative strength index (RSI) is also confirming the downtrend for today as it is trading at index 55, hinting at the bearish pressure in the market.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour price chart for Polkadot price analysis shows that correction started during the previous trading session and is still on the go, as the price breakout was also in the downwards direction today. The price has come down to $19.1 in the last four hours after covering the range downwards and decreases further if the supports at $18.9 and $18.7 collapses.

Polkadot price analysis: Dot corrects at $19. Will support at $18.7 persist? 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility is further low on the 4-hour chart as the Bollinger Bands average is forming at $18.9, which now indicates support for the DOT/USD pair price, whilst the upper band is at $19.6, and the lower band is at the $18.3 mark. The RSI has also been decreasing towards the center of the neutral zone at index 57 but still at an acceptable level.

Polkadot price analysis conclusion

The Polkadot price analysis shows that the coin is correcting today and may continue to follow a downtrend for the rest of the day as bears rule the market. The support present at $18.7 may go under test soon, but it seems strong enough to keep the cryptocurrency price afloat above. On the flip side, if the support collapse, then DOT may continue downside towards the $17 range.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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