logo

Polkadot price analysis: DOT shows dormant behavior at $6.32 after a bearish run

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows a downtrend
  • Support for DOT prices is present at $6.19
  • DOT/USD is facing resistance at $6.76

The Polkadot price analysis is confirming a bearish trend for the day as a decreasing price movement has been observed. Bears have been leading the market for the past 24- hours, and the price has been dropping at a consistent rate. The bulls have failed to make a comeback as the bears have been maintaining their lead quite proficiently. 

Today, the price has moved down to $6.32 as a result of the bearish pressure and is down by over 6.42% in the past 24 hours. The trading volume for 24 hours is $322,097,544, which is average and shows that the market is indecisive at the moment. The total market capitalization for DOT stands at $7.01 billion.

Polkadot price analysis on a 1-day price chart: DOT/USD market likely to decline further

The one-day Polkadot price analysis is giving a bearish prediction for the day as the price has moved down. The price has been following a declining trend for the past few days, and the cryptocurrency has been under constant loss. The bullish momentum has not been recovered as a downward trend was observed during the last 24 hours as well. 

image 362
DOT/USD 1-day price chart, Source: TradingView

The Moving average convergence divergence (MACD) indicator is currently in the bearish zone. The MACD line is below the signal line, indicating bearish momentum in the market. The Relative Strength Index (RSI) indicator is currently at 38.38 and is heading towards the oversold levels. This indicates that the bears are in control of the market and are likely to push prices lower. The 50-day simple moving average (SMA) is currently at $6.76, while the 200-day SMA is at $6.19. This indicates that the path of least resistance is to the downside and that the bears are in control of the market.

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

The 4-hour Polkadot price analysis shows that the price has been traveling low for the past few hours as the bears have gained the dominant position on the price chart. The price has been lowered to $6.32 today as the bearish momentum has been intensifying. The last four hours thus proved unfavorable for the cryptocurrency once again, as more selling activity has been detected.

image 363
DOT/USD 4-hour price chart, Source: TradingView

The MACD indicator is below the signal line, indicating bearish momentum in the market. The Relative Strength Index (RSI) indicator is currently at 53.80 and is heading towards the oversold levels. This indicates that the bears are in control of the market and are likely to push prices lower. The 50-day SMA is currently at $6.84, while the 200-day SMA is at $6.23 indicating a bearish trend.

Polkadot price analysis conclusion

Polkadot price analysis shows that the market is in a downtrend following a breakout at $6.32. However, prices are testing the $6.19 support level and 6.76 resistance. The market is expected to remain bearish in the near term as the indicators on both time frames are bearish.

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.

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

Related News

Hot Stories

Why invest in Snowfall Protocol (SNW) over HAY (HAY) or Ankr (ANKR)?
Exmo.com lists blockchain-based E-Commerce token eCredits (ECS) for trading
Best crypto memes of the day - December 8th
DeFiChain’s Much Anticipated ‘Grand Central’ Hard Fork Goes Live
Best Twitter threads of the day - December 8th

Follow Us

Industry News

Best crypto memes of the day - December 8th
Best Twitter threads of the day - December 8th
Celsius ordered to return $50M to crypto investors
Luxembourg expands PayPal operations to cryptocurrencies
Grayscale Investments slammed with a lawsuit as GBTC plunges

Add Your Heading Text Here