Polkadot price analysis: Bears continue ruling the market as DOT prices trade around $17.62

dot

TL;DR Breakdown

  • Polkadot price analysis is bearish
  • DOT prices are down by 2.40 percent
  • The support level for DOT prices is present at $17.0
Polkadot price analysis: Bears continue ruling the market as DOT prices trade around $17.62 1
Cryptocurrencies prices heatmap, source: Coin360

Polkadot price analysis shows a negative market sentiment as bears continue ruling the market. The price of DOT is trading at around $17.62, which is down by 2.40 percent when compared to the previous day’s closing value. DOT prices opened the daily trading session trading at around $17.94 and extended the bearish trend to reach a low of $17.62 before closing the day’s trading session.

DOT prices have been on a downtrend as they have been moving between a range of $17.57 and $18.47 while the trading volume is currently totaling $604,876,335.94. The prices have seen a high selling pressure with the market capitalization of the coin currently at $16,526,797,853. Polkadot currently dominates 0.94 percent of the total cryptocurrency market capitalization.

Polkadot price action on a 1-day price chart: Bears mount more pressure

The Polkadot price analysis on a 1-day price chart reveals a bearish market sentiment that is pushing the prices of DOT down. The bearish trend is likely to carry on as long as prices remain below the 9-day and 21-day moving averages.

Polkadot price analysis: Bears continue ruling the market as DOT prices trade around $17.62 2
DOT/USD 1-day price chart, source: TradingView

The Relative Strength Index indicator is currently at 44.93, which indicates that the market is neither oversold nor overbought as it enters the neutral territory. The MACD line is currently crossing the red signal line from below, which indicates that the bearish momentum is likely to continue in the market. The Parabolic SAR marker is placed below the candlesticks, which indicates a bullish market sentiment.

Polkadot price analysis on a 4-hour price chart: DOT/USD prices remain under pressure

The 4-hour price chart for DOT/USD reveals a bearish market trend as prices continue to be trading below the 9-day and 21-day moving averages. The RSI indicator is currently at 44.10, which indicates that the market is neither oversold nor overbought as it enters the neutral territory. The MACD line is currently crossing the red signal line from below, which indicates that the bearish momentum is likely to continue in the market. The Parabolic SAR indicator is on a downtrend as it is placed below the candlesticks, which indicates a bearish market trend. The resistance level for the DOT/USD is currently present at $17.5, while the support level is present at $17.0.

Polkadot price analysis: Bears continue ruling the market as DOT prices trade around $17.62 3
Polkadot price analysis in the 4-hour price chart, source: TradingView

Polkadot price analysis conclusion

The Polkadot price analysis shows DOT prices are bearish as prices have been on a downtrend. The prices are likely to continue trading in a bearish trend in the market as long as they remain below the 9-day and 21-day moving averages. The bears have however been adamant in pushing DOT prices below the $18 level but the bulls seem to be defending the $17.0 support level.

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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