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Polkadot price analysis: Bearish trend to continue as DOT holds around $6.61

Polkadot price analysis
TL;DR Breakdown
  • Polkadot price analysis shows a continued downtrend
  • DOT/USD has sought support at around $6.0
  • Today the price has declined by 13.0 percent

Polkadot price analysis shows the market is still in a bearish trend as prices have not been able to move sustainably above the $7.00 level. The next area of support is around the $6.61 level where the price has found some buyers in recent days. A further decline could see prices retest the $6.0 level where DOT/USD found some buyers on Friday. Over the weekend the prices consolidated in a narrow range and today’s decline has seen the price break below the $6.61 level. The market is still bearish and a further decline could see prices retest recent lows. The next area of support is around the $6.0 level.

The digital asset has a trading volume of $754,317,665.71 and the prices have declined by 13.53 percent. Polkadot‘s current price is $6.58 and the cryptocurrency has been hovering around the $6.61 mark for the past few hours.DOT is currently ranked #12 and has a total market capitalization of $6,113,938,211.The bears seem to be in control of the market as the prices have not been able to move sustainably above the $7.00 level.

4-hour DOT/USD price analysis: Bears mount pressure as sell-off gathers pace

Polkadot price analysis in the last 4 hours shows the market is stuck in bearish market sentiment as bears push prices below the $6.61 level. The market is currently under pressure as the selling gathers pace. The next area of support is around the $6.37 level where the price has found some buyers in recent days. A further decline could see prices testing the $6.0 level. The volatility in the market is currently high as prices fluctuate in a tight range. The Bollinger bands are seen to be wide on the 4-hourly chart, which indicates that the prices could remain volatile in the near term.

image 213
Polkadot price analysis: 4-hour chart. Source: Trading View

The RSI indicator is currently seen at 46.53 and it looks like the bears are in control of the market as the prices have not been able to move sustainably above the $7.00 level. The MACD indicator is currently in bearish territory as the signal line is seen above the histogram. Also, the moving averages on the 4-hourly chart are currently in the bearish territory as the 50 EMA (purple line) is seen below the 100 EMA (red line).

Polkadot price analysis on a 1-day price chart: Support around the $6.37 level

The 1-day DOT/USD chart shows the market is in a bearish trend as prices have not been able to move sustainably above the $7.00 level. The next area of support is around the $6.37 level where the price has found some buyers in recent days. A sharp sell-off could see prices retesting the $6.0 level. The 50-day moving averages (red line) are currently above the 100-day moving averages (blue line), which indicates that the market is in a bearish trend.

The MACD line is seen to be in the oversold region, which indicates that the prices could see a corrective rally in the near term. The RSI indicator is currently at 36.65, which indicates that the market is oversold and a rally could be on the cards.

image 214
Polkadot price analysis: 24-hour chart. Source: Trading View

The Bollinger bands are seen to be wide on the 1-day chart, which indicates that the prices could remain volatile in the near term. The ATR indicator is currently at 0.12 and it looks like the market is consolidating in a narrow range. Further market loss is imminent as the selling pressure increases.

Polkadot price analysis conclusion

In conclusion, the overall market sentiment has turned out to be bearish in the last few days as the general market conditions have turned out to be unfavorable. The digital asset is expected to remain bearish in the short term before a possible corrective rally could take place.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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