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Polkadot price analysis: DOT declines below $22 support level to set opportunity for new uptrend

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows price declining more than 8 percent
  • Price flipped support barrier at $22.50 to provide opportunity for upturn
  • A bearish close below $20 could however complicate matters for DOT

Polkadot price analysis shows bearish trend continuing from April 4, when price initiated a downturn at $23.21. Since then, subsequent declining trading sessions have plummeted DOT price as low as $20.07, recording an 8 percent recession over the past 24 hours. The current downturn however is expected to give rise to a new trend upwards for DOT, which could propel price up to $30.48 with a 33 percent increment. The current trend provides buying opportunity for investors to come into the market, however a daily close below the $20 mark would invalidate the bullish expectation and complicate matters for DOT.

The larger cryptocurrency market plummeted the same as Polkadot, led by Bitcoin’s decline worth 5 percent to take price to $43,000. Ethereum struggled to hit $3,500 and went down 7 percent to sit at $3,200. Among leading Altcoins, Ripple dropped 5 percent, Cardano 8 percent and Dogecoin 7 percent. Further testing declines were recorded with Terra (8 percent) and Solana (11 percent) to cap off a dismal day for the cryptocurrency market.

Polkadot price analysis: DOT declines below $22 support level to set opportunity for new uptrend 1
Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: Significant dip in market valuation could hamper next bullish run

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen falling significantly below the crucial 25-day exponential moving average (EMA) at $21.86. The $22.50 resistance barrier remains intact, but DOT price could have a serious test in retaining the $20 support, as suggested by the daily chart technical indicators. The relative strength index (RSI) has taken a significant dent after falling down to 45.50 in a matter of 3 days. Moreover, the moving average convergence divergence (MACD) also took a bearish turn over today’s trade and crossed below the neutral zone.

Polkadot price analysis: DOT declines below $22 support level to set opportunity for new uptrend 2
Polkadot price analysis: 24-hour chart. Source: Trading View

These bearish indicators need to be overcome in order to put forth a challenge for the next expected upturn, where DOT price will need to surpass the $22.50 resistance on the daily chart. However, a close below $20.17 by day end today could invalidate the bullish sentiment and create a lower low below the bullish order.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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