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Polkadot price analysis: DOT/USD enters devalued region to $5.29 after a bearish run

Polkadot

TL;DR Breakdown

  • Polkadot price analysis shows a bearish trend
  • Resistance For DOT /USD is present at $5.51
  • Support for DOT/USD is present at $5.27

Polkadot price analysis for today shows a bearish momentum and has been in charge of the charts for a few days. Additionally, a decline in price levels has been seen over the past 24 hours, which is highly demoralizing for buyers. The cryptocurrency has lost over 4.28% of its value in the past 24 hours and is currently trading at $5.29.Resistance for DOT/USD is at $5.51 is currently posing a significant hurdle for the price, while key support has been set at $5.27. If the sellers continue to pressure prices lower, there could be more downside in store for Polkadot. The trading volume is currently at $169,264,513, while the market capitalization sits at $6,035,526,300.

DOT/USD 4-hour price analysis: DOT struggling amid bearish reversal pattern

The hourly Polkadot price analysis chart, DOT/USD has formed a bearish engulfing candlestick pattern which is a bearish trend reversal pattern. The market followed the bearish trend for the past few days, and the bearish momentum also intensified today, the coin lost significant value during this time and reached a high of $5.51 resistance and today prices have dropped below $5.27 support. 

image 132
DOT/USD 4-hour price chart, Source: TradingView

The volatility is comparatively mild on the 4-hour chart as the Bollinger bands are covering less area and don’t show any considerable change in their movement. The upper Bollinger band value for the four hours price chart is at $5.732, whereas the lower Bollinger band value is at $5.291. The Relative Strength Index( RSI) score is in the neutral zone, as it shows the figure of 46.93 just above the centerline of the neutral zone. The 50-day moving average is trading below the 200-day moving average which is a bearish indicator.

Polkadot 1-day price chart: Bears maintain a downtrend as prices drop to $5.29

The one-day Polkadot price analysis dictates that a decrease in price has taken place in the last 24 hours. Since price movements have been erratic throughout the past few days of this week, the bears have been attempting to retake control of the market. Today’s trend, however, has been extremely supportive for the sellers as the price has decreased up to the $5.29.

image 133
DOT/USD 1-day price chart, Source: TradingView

The moving average (MA) value in the one-day price chart is at the $5.461 level. Whereas the Bollinger band’s average is maintained at $5.3967, the upper Bollinger band is touching $5.6874, and the lower Bollinger band is touching $5.106 point. The Relative Strength Index (RSI) score has slightly decreased up to an index of 43.09, but the downward curve is not steep.

Polkadot price analysis conclusion

To conclude the Polkadot price analysis shows that a bearish trend has been dominating the market, causing a decline in price levels. However, key support at $5.27 is currently a major barrier for the sellers and could provide some level of stability to the market in the short term.

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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