Polkadot price analysis: Bearish momentum continues as DOT steps $4.60 support level

Polkadot price analysis

TL;DR Breakdown

Polkadot price analysis shows a continued downtrend
The immediate support level is $4.60
Resistance for DOT/USD is present at $5.24

Polkadot price analysis is showing bearishness as the token has depreciated to $4.68 after losing momentum. DOT/USD is currently trading inside a descending triangle pattern and is expected to further decline. The next support lies at $7.4.60, while the resistance lies at $5.24. Polkadot price analysis for today shows that the token has lost momentum after rising to $5.24 and has currently declined to the $4.60 level. The token is trading inside a descending triangle pattern and is expected to further decline in the near term.

The digital asset has been struggling to maintain its upward momentum and has lost over 8.26% in the last 24 hours. The token is trading below the $5.24 mark, which is a key level of resistance. The next support lies at $4.60, while the resistance lies at $5.24. The market cap is decreasing at a steady rate, as is currently sitting at $5,375,617,132, and the 24-hour trading volume is at $274,700,230.

DOT/USD 1-day price chart: Price goes down to $4.68 after bearish drift

In a 1-day timeframe, Polkadot price analysis action is bearish as the candlesticks are closing below the 21-day and 50-day simple moving averages (SMAs). The RSI indicator is currently at 41.96 and is expected to fall further as the token depreciates. The MACD indicator shows a bearish crossover as the signal line crosses above the MACD line. The price action is expected to continue falling as the bearish momentum increases.

image 330
DOT/USD 1-day price chart, Source: TradingView

The price has retraced after hitting the resistance at $5.24 and is currently trading inside a descending triangle pattern. A breakout from this pattern can take the price down to $4.60, which is the next major support level. Buyer on the 24-hour timeframe has been trying to push the price up, but they have not been successful as of now. The price is expected to continue falling in the near term as bearish momentum increases. The market sentiment for Polkadot is bearish as the long-term and short-term moving averages are both trending downwards.

Polkadot price analysis on the 4-hour price chart: Bearish curve demotes coin value down to $4.68

The four-hour Polkadot price analysis supports the bears as the price has covered a downward movement in the past few hours. The descending curve confirms a bearish trial as red candlesticks mark the hourly price chart. The bearish momentum intensified as the price dropped down to the $4.68 low. The short-term trending line is also moving in a bearish direction now.

image 331
DOT/USD 4-hour price chart, Source: TradingView

On the other hand, the moving average convergence divergence (MACD) indicator is still in bearish territory. The signal line is above the MACD line, which suggests that downward momentum could continue in the near future. The Relative Strength Index (RSI) indicator is currently at 37.12 and is expected to fall further as the price continues to depreciate. The 50-SMA is currently at $4.78 and is expected to act as a major support level for the price in the near term, While 21-SMA is at $5.04 and could act as a resistance point if the price attempts to move higher.

Polkadot price analysis conclusion

Overall, the Polkadot price analysis suggests that the bears are in control of the market and that downward momentum is likely to continue in the near future. The price could potentially fall to the next major support at $4.60 if the bearish momentum persists.

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 Oluwatobi

Joel Oluwatobi

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.

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