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Polkadot price analysis: Bearish momentum pulls price back to $6.35

Polkadot price analysis

The Polkadot price analysis for today shows that the market conditions have turned bearish, and prices have slipped below $6.35. The cryptocurrency has found some support at $6.49, but it remains to be seen if this will be enough to turn the tide in favor of the bulls.

The bears have been in control of the Polkadot markets after encountering bullish pressure around $6.49. Since then, the price has been on a downward spiral and is currently trading below the $6 level. The 24-hour volume is reported to be $182 million, and the market cap is at $7.14 billion.

DOT/USD 1-day price chart: Bearish trend intensifies

The one-day Polkadot price analysis is showing a bearish trend for today as the price has depreciated today as well. The bearish momentum has been continuing over the past few days, and today, the trend is the same. The price has been lowered to the $6.35 level after the latest drop. The crypto pair has been at a loss of 1.28 percent for the last few hours.

image 83
DOT/USD 1-day price chart, Source: TradingView

The moving average indicator (MA) is present at the $6.35 level, and the exponential moving average (EMA) is placed at the $6.37 level. The Relative Strength Index (RSI) indicator is currently at the 41.40 level, which indicates that the market conditions are bearish and prices may continue to decline in the near term.

Polkadot price analysis: Bears heighten pressure as prices find support at $6.33

The hourly Polkadot price analysis shows a considerable decrease in DOT/USD price has been observed during the last 4 hours. The price breakout was upwards, but it started to retrace after facing rejection at $6.49. Prices have found some support around $6.33, but it remains to be seen if this will be enough to turn the tide in favor of the bulls. For now, the bears are in control of the Polkadot markets and may continue to push prices lower in the near term.

image 84
DOT/USD 4-hour price chart, Source: TradingView

The moving average indicator (MA) on 4-hour is present at the $6.40 mark. The exponential moving average (EMA) in a 4-hour timeframe is placed at the $6.37 level, which is near the current market price, indicating that bearish pressure is still present in the market. The RSI curve is headed downwards at index 51.14, as the bearish pressure seems immense.

Polkadot price analysis conclusion

The Polkadot price analysis report shows a downward movement in price as the market conditions have turned bearish. The cryptocurrency is currently trading at $6.35, and it remains to be seen if this level will act as support price. If the bears remain in control, prices may continue to decline in the near term. But the bulls may also make a comeback and push prices higher if they are able to gather enough strength.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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