Polkadot price analysis: DOT/USD price declines to $21.06 as bears maintain control

dot

TL;DR Breakdown

  • The Polkadot price analysis shows a bearish trend
  • DOT prices are down by 7.26 percent
  • Polkadot prices have sought support at $20.09
Polkadot price analysis: DOT/USD price declines to $21.06 as bears maintain control 1
Cryptocurrencies prices heatmap,source: Coin360

The Polkadot price analysis shows a downtrend that has been established by the bears as they target pulling DOT prices beyond the $20 level. The continued bearish trend has been ongoing for the last 24 hours as DOT prices have shed 7.26 percent of their prices. The prices have since found support at the $20.09 mark. However, there is a likelihood that the bears will continue pushing the prices lower in the near term.

The market has been consistently bearish over the past few days, with prices dropping below the key resistance level at $21.This can be attributed to the bears’ continuous control of the market which has seen the prices fall below the $21 resistance level. The indicators point towards a continuation of the bearish trend in the short term.

Polkadot price action in the last 24 hours: DOT/USD prices suffer a 7.26% decline

Bearish pressure has been seen throughout the market, with the exception of a select few tokens which have shown bullish signs. Polkadot is one of the tokens that has suffered a significant decline in price. DOT/USD prices have fallen by 7.26 percent in the last 24 hours, with the current price sitting at $21.06. The trading volume however increasing despite the current sell-off in the market. This could be an indication that the bears are gaining control of the market and could push prices lower in the near future.

Polkadot price analysis: DOT/USD price declines to $21.06 as bears maintain control 2
DOT/USD 1-day price chart, source: TradingView

The indicators on the chart point to a continuation of the bearish trend in the short term. The RSI is currently below 30, indicating that there is still room for the prices to decline. The MACD is also in a downward trajectory, confirming the presence of selling pressure. The prices are likely to continue declining in the short term unless there is a significant shift in market sentiment. The market volatility is decreasing as the Bollinger bands are contracting, which could lead to a breakout in either direction.

Polkadot price analysis on a 4-hours price chart: DOT/USD seeks support at $20.09

The Polkadot price analysis on the 4-hours chart shows that the prices have been in a downward trend since reaching a high of $24.06 on January 10. The bears have been in control of the market, pushing the prices lower toward the key support level at $20.09. The support was tested yesterday and managed to hold steady. However, the bears are likely to continue pushing the prices lower in the near term.

Polkadot price analysis: DOT/USD price declines to $21.06 as bears maintain control 3
DOT/USD 4-hour price chart, source: TradingView

The indicators are all in a bearish alignment, suggesting that the sellers are in control of the market. The RSI is below 30, indicating that there is still room for the prices to decline. The MACD line is residing in the bearish territory, confirming the presence of selling pressure. The Simple Moving Average (SMA) is also indicating a downward trend, with the 50 SMA below the 100 SMA. This shows that the sellers are in control and that the prices could decline even further in the near term.

Polkadot price analysis conclusion

The Polkadot price analysis reveals that the market is still in a downward trend and is likely to remain so until there is a shift in market sentiment. The key resistance level at $21 is still proving to be a tough nut to crack for the bulls, as they have been unable to push the prices above it. The indicators are all in a bearish alignment, suggesting that the sellers are in control of the market. The prices could decline further in the short term if the bears maintain their grip on the market.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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