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Polkadot price analysis: DOT rejected at $10.00, downwards movement to follow

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis suggests a downwards movement to $8.50
  • DOT faces resistance at the $10.00 mark
  • The closest support level lies at $9.00

The Polkadot price analysis shows that DOT was unable to break past the $10.00 resistance level and the following rejection has caused the price to fall to the $9.00 mark with further downwards movement in sight. 

The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include SOL and AVAX  recording a 6.15 and 5.75 percent decline respectively. 

Polkadot price analysis: DOT rejected at $10.00

Polkadot price analysis: DOT rejected at $10.00, downwards movement to follow 1
Technical indicators for DOT/USDT by Tradingview

The MACD is bearish as expressed in the red color of the histogram showing an increase in the selling pressure across the 4-hour charts. Furthermore, the indicator shows high bearish momentum at press time as observed in the steep depth of the indicator. Moreover, the dark color of the histogram shows an increasing bearish momentum as the price falls below the $9.50 support level.

The EMAs are currently trading low as net price movement over the last five days remains negative. Furthermore, as the price action falls below the $9.30, the bearish pressure can be expected to increase causing the EMAs to move downwards across the short-term charts. The 12-EMA is currently moving at a steeper slope than the 26-EMA suggesting a further increase in bearish momentum. 

The RSI has been trading in the neutral region for the past seven days as the price action oscillated around the $10.00 mark. At press time, the indicator trades below the mean line at 36.08 index unit level moving downwards showing selling activity in the markets. However, the indicator’s position leaves room for further downwards movement before a correction is required. 

The Bollinger Bands are wide at the moment and show further divergence as the price action tugs at the bottom limit of the indicator. As the bears break down below the $10.00 mark, the Bollinger Bands would only continue widening to facilitate the volatile price movement. At press time, the indicator’s bottom line provides support at the $9.10 mark, while the mean line presents a resistance level at the $9.83 mark. 

Technical analyses for DOT/USDT 

Overall, the 4-hour Polkadot price analysis issues a strong sell signal with 14 of the 26 major technical indicators supporting the bears. On the other hand, only one of the indicators supports the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.

The 24-hour Polkadot price analysis shares this sentiment and also issues a strong sell signal with 15 indicators suggesting a downwards breakdown against two indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying activity for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Polkadot price analysis?

Polkadot price analysis: DOT rejected at $10.00, downwards movement to follow 2
4-hour price chart by Tradingview

The Polkadot price analysis shows that after recovering to the $10.50 mark, DOT was unable to continue the bullish movement and the following bearish movement erased all gains and caused the price to fall below the $10.00 mark. At press time, the bulls are struggling to defend the $9.25 mark in order to prevent further downwards movement. 

Traders can expect DOT to continue moving downwards as the price action continues to observe steady bearish movement across the 4-hour charts. The price can be expected to fall to the $9.00 mark before stabilizing, however, it is probable that the bulls will be unable to hold the support level and DOT will continue its downwards movement to the $8.50 mark.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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