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Polkadot price analysis: DOT prices retrace as the market stalls around $18.24

dot

TL; DR Breakdown

  • Polkadot price analysis reveals a downtrend
  • Support for DOT prices is seen at the $20.0 level
  • Polkadot prices are down by 4.99 percent
Polkadot price analysis: DOT prices retrace as the market stalls around $18.24 1
Cryptocurrencies prices heatmap, source: Coin360

Polkadot price analysis for today reveals DOT prices have retraced from the highs set around $19.37 as the market stalls. The general market trend is bearish, and it may take some time for DOT prices to break out of this range-bound trading. The bears have pushed the price beyond the previous support level. The Polkadot price is currently trading at $18.24, which is around the middle of the $17.90 – $19.37 range that has been established over the past few days. The market has been consolidating since it set these highs, and it seems like DOT prices may need to retrace lower before they can make another attempt at breaking out.

Polkadot price movement in the last 24 hours: Bearish winds drive prices lower

The Polkadot price movement over the last 24 hours has been bearish as the bears try to make a move below the $19.00 level. DOT prices retraced lower after setting highs around $19.37 and found support at the $18.50 level. The bulls managed to push the price back up to the $19.00 level, but they were unable to sustain it and the bears pushed the price lower once again.

The 24-hour trading volume for DOT is $1.43 billion, and the market has seen a 4.99 percent price drop in this period. The market capitalization currently stands at $16.69 billion, and the total value of all DOT in circulation is $17.90 billion. The digital asset is currently dominating 0.97 percent of the cryptocurrency market as it ranks position 12 overall.

Polkadot price analysis: DOT prices retrace as the market stalls around $18.24 2
DOT/USD 1-day price chart, source: TradingView

The technical point of view for Polkadot prices indicates a bearish trend in the 1-day price chart as the SMA 50 curve is trending below the SMA200 line. The RSI indicator is currently neutral as it stands at 49.72, and the MACD indicator shows a bearish crossover as the signal line moves above the histogram. The RSI line is currently trading above the oversold region, and there is no clear trend in the market at this time.

Polkadot price action on a 4-hour price chart: DOT loses support at the $20.00 level

The 4-hour price chart for DOT shows that the market has been in a downtrend since it set highs around $21.50 on February 21. The market has been consolidating between the $18.00 and $20.00 levels, and it seems like the bears are trying to push the price below the $20.00 support level.

Polkadot price analysis: DOT prices retrace as the market stalls around $18.24 3
DOT/USD 4-hour price chart, source: TradingView

The 50-day SMA curve is trending below the 200-day SMA line, which indicates that the market is in a bearish trend in the long term. The MACD line is currently sloping downwards, and the histogram is also trending downwards. This indicates that the market momentum is bearish, and the market may continue to move lower in the short term. The RSI indicator is currently neutral as it stands at 50.48, and there is no clear trend in the market at this time.

Polkadot price analysis conclusion

Polkadot price analysis reveals a negative market sentiment in the short term as the market stalls around the $19.00 level. The market is facing high selling pressure, and it may need to retrace lower before it can make another attempt at breaking out. The technical indicators are all bearish, and the market may continue to move lower in the short term. For now, the best course of action would be to wait for a breakout from this range-bound trading before taking any position in 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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