Polkadot price analysis: DOT depreciates after a bearish slide at $6.14

Polkadot price analysis
image 246
Cryptocurrencies price heat map, Source: Coin360

Polkadot prices are currently bearish as the market slides below $6.14. This comes after a period of consolidation around this price level. The bears now seem to be in control as they push DOT/USD prices towards support at $6.13. Polkadot market has been in a consolidation phase over the last few days as it trades between $7.02 and $6.13. The digital asset is currently trading at $6.14 and is down by over 12.19% on the day. The market cap for DOT is currently at $6.87 billion and the 24-hour trading volume stands at $411 million.

Polkadot price analysis on a 1-day price chart: Bears take control as DOT/USD breaches key support at $6.13

The daily price chart for Polkadot price analysis confirms a strong bearish trend for the market today as the price covered a downward movement in the past 24 hours. The market is currently trading very close to the key support level at $6.13 and any further movement to the downside could see the price retesting the lows of $6.00 as bulls attempt to defend this level. The current market conditions for DOT/USD seem to be bearish in the short term but a breakout from the current consolidation range could see the market make a move towards $7.50 in the near future.

image 245
DOT/USD 1-day price chart. Source: TradingView

The MACD indicator is currently in the bearish zone as the signal line moves above the candlesticks. The RSI indicator for DOT/USD is currently at 44.84 and is heading towards oversold levels which could see bulls make a comeback soon. The upper Bollinger Band is currently at $7.02 and the lower Bollinger Band is at $6.13. The DOT/USD price is currently very close to the lower Bollinger Band which could see a rebound in prices soon.

DOT/USD 4-hour price chart: Price action is expected to remain bearish

The 4-hour price chart for Polkadot price analysis shows that the market has been in a bearish trend since the beginning of today. The market had attempted to make a move towards $7.50 but was unable to sustain this level and fell back below $6.14.

image 244
DOT/USD 4-hours price chart. Source: TradingView

The market is expected to remain bearish in the short term as the MACD indicator is moving below the signal line which is a bearish sign. The Relative Strength Index indicator is moving towards oversold levels which could see the market make a move towards $38.11 in the near future. The Bollinger Bands for DOT/USD are currently very close to each other which indicates that the market is in a state of consolidation.

Polkadot price analysis conclusion

Polkadot price analysis confirms that the price has undergone a severe decline during the day. The DOT/USD price is now touching the $6.13 mark, which is the lowest and it can be expected that it will move down to further lows in the approaching hours. However, the price has reached the support zone, and there are chances that the price may bounce back from here if buyers’ support comes into play.

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 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.

Related News

Hot Stories

Bitcoin, Ethereum, Cosmos, and Stellar Daily Price Analyses – 2 December Roundup
Dogecoin price analysis: DOGE continues ascent after 12 percent weekly rise
Ethereum Price Prediction 2023-2031: Will ETH reach $8000 soon?
Bitcoin price analysis: Can BTC/USD break past $17250 resistance in the next 24 hours?
IDEX Price Prediction 2023-2030: How High Will IDEX Rise?

Follow Us

Industry News

Stripe unveils new crypto to fiat feature
'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain

Add Your Heading Text Here