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Polkadot price analysis: DOT prices slip off the $14 handle as the market slowly declines

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TL;DR Breakdown
  • Polkadot price analysis is bearish
  • Support for DOT prices is present at $13.36
  • Polkadot prices are down by 3.52 percent
image 101
Cryptocurrencies prices heatmap, source: Coin360

Polkadot price analysis reveals that DOT has been following a bearish trendline displaying slight opportunities for bullish activities with the price declining below the $14 level. Today on 8th May 2022 the price of Polkadot has declined by 3.52 percent and is currently trading at $13.60.The market dynamic appears to be slowly following a downward trajectory as the market is currently in a consolidation phase.

The current technical structure for DOT/USD reveals that the market has been losing steam over the past few sessions as it attempts to remain afloat above the $14.00 level. The recent price action for DOT has been bearish as it slips below the key support level at $13.36.Support for DOT prices has been seen at $13.36 and $12.92 levels while the short-term resistance is at $14.23 and $15.09 levels.

The DOT/USD pair is trading at a volume of $1.03 billion which is higher than the daily average volume of $950 million. The total market cap for the token is $13.31 billion while the market dominance is 0.84 percent. The market is facing some selling action as prices plummet below the key support level at $13.36. The market may see some relief as it approaches the $12.92 level.

DOT/USD 4-hour price analysis: Bearish momentum gain traction as support levels give-in

The Polkadot price analysis on the 4-hour price chart indicates that the market has been declining for the past few days as it broke below the $14.00 level and attempted to retest it as resistance. The recent price action retested the descending trendline but failed to breakout which resulted in a price decline. The market volatility for DOT/USD is currently very low as the Bollinger Bands have constricted indicating a consolidation phase.

image 100
DOT/USD 4-hour price chart, source: TradingView

The DOT/USD price appears to be crossing under the curve of the Moving Average, which indicates a potential loss of bullish momentum in the market. The RSI indicator is currently at 44.47 and is pointing towards further bearishness as the market falls below the $14 handle. The MACD indicator is crossing the signal line from above which indicates a potential bearish crossover.

DOT/USD daily price analysis: Prices retest support at $12.92

The daily Polkadot price analysis reveals that the market has been in a descending triangle pattern as the market consolidates. The market attempted to break out to the upside but failed which resulted in prices falling back to support. Polkadot price analysis on the daily chart reveals the market’s volatility following an opening trendline breakout. The market volatility is currently low as the Bollinger Bands have constricted.

image 99
DOT/USD 1-day price chart, source: TradingView

The recent price action has seen the market testing the descending trendline which could act as resistance in the future. The RSI indicator is currently at 41 levels and is headed towards the oversold region which indicates that the market is bearish. The MACD indicator is bearish as the signal line is above the histogram. The DOT/USD pair has been trading around $13.47 to $14.30 in the last 24 hours as further bearishness is expected.

Polkadot price analysis conclusion

The overall Polkadot price analysis shows the market conditions for DOT are bearish in the short-term and bullish in the long term. The recent price action has seen the market testing the descending trendline which could act as resistance in the future. The bulls need to push prices above the $14.0 level in order to invalidate the bearish trend. The bears need to push prices below the $12.92 level in order to continue the bearish momentum.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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