Polkadot price analysis: DOT finds support at the $6.00 mark as the bulls fight back

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis suggests upward movement to $6.50
  • The closest support level lies at $6.20
  • DOT faces resistance at the $6.40 mark

The Polkadot price analysis shows that DOT finds support at the $6.20 mark after being rejected from the $6.40 mark. While the price stabilizes above the $6.00 mark, the bearish pressure is yet to subside. 

The broader cryptocurrency market observed a mixedmarket sentiment over the last 24 hours as most major cryptocurrencies record both positive and negative price movements. Major players include XRP, recording an 14.2 percent incline and ATOm recording an 7.80 percent decline.

Polkadot price analysis: DOT finds support at $6.00

Polkadot price analysis: DOT finds support at the $6.00 mark as the bulls fight back 1
Technical indicators for DOT/USDT by Tradingview

The MACD is currently bearish, as expressed in the red color of the histogram. However, the indicator shows low selling momentum as observed in the low depth of the indicator. Furthermore, the slighter shade of the histogram suggests a declining bearish momentum as the price stabilizes above the $6.20 mark. 

The EMAs are currently trading below the mean position as net price movement over the last ten days remains negative. Furthermore, as the markets observe low buying activity, the EMAs continue moving horizontally below the mean position. Furthermore, as the two EMAs move across the short-term chart.

The RSI broke below the oversold price level yesterday but had moved back into the neutral region. However, the index broke down again and trades at the 29.40 index unit level at press time. Currently, the index suggests a bullish movement across the short-term charts while the horizontal movement of the index suggests low momentum on either side. 

The Bollinger Bands have been wide for the last couple of days and continue to show a wide downwards channel for the Polkadot price as it falls below the $6.50 mark.  Currently, the indicator’s bottom limit currently provides support at the $5.95 mark, while the mean line presents resistance at $6.61.

Technical analyses for DOT/USDT 

Overall, the 4-hour Polkadot price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, only one of the indicators supports the bulls showing low bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Polkadot price analysis shares this sentiment and issues a strong sell signal with 16 indicators suggesting a downwards movement against only one indicator suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying pressure for the asset across the same timeframe. 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 finds support at the $6.00 mark as the bulls fight back 2
4-hour price chart by Tradingview

The Polkadot price analysis shows that Polkadot is stabilizing above the $6.00 support level as the bulls fight to break past the $6.50 mark. However, the bears still dominate the short and mid-term charts, as expressed in the technical analyses. Nonetheless, further downwards movement is unlikely given the bullish short-term indicators.

Traders should expect DOT to move upwards to the $6.50 mark to make a bullish breakout from the level. The following bullish rally can be expected to raise the price to the $7.00 mark.

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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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