- Polkadot price analysis suggests downward movement to $4.600
- The closest support level lies at $4.632
- DOT faces resistance at the $6.700 mark
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements with low volatility. Major players include BTG and ETC, recording a 9.69 percent and a 8.07 percent incline, respectively.
Polkadot price analysis: DOT rejected at $4.700
The MACD is currently bearish, as expressed in the red colour of the histogram. However, the indicator shows low momentum as the indicator has only recently exhibited a bearish crossover. On the other hand, the darker shade of the histogram suggests an increasing bearish momentum as the price falls towards the $4.600.
The EMAs are currently trading high above to the mean position as net price movement over the last ten days remains positive. Moreover, the two EMAs trading closely show low momentum. Furthermore, the diverging indicators suggest an increasing bearish momentum across the 4-hour charts.
The RSI briefly rose to the overbought region but has since moved back into the neutral zone as the price action was rejected at $4.70. Currently, the index is trading at the 57.53 unit level with a slight downwards slope. The indicator does not issue a signal at the moment but the slope suggests bearish pressure at the time.
The Bollinger Bands are currently narrow as the price volatility decreases near the $4.600 mark and show convergence as the price action returns to the indicator’s mean line. The indicator’s bottom line provides support at $4.559 mark while the upper limit presents a resistance level at the $4.704 mark.
Technical analyses for DOT/USDT
Overall, the 4-hour Polkadot price analysis issues a buy signal, with 12 of the 26 major technical indicators supporting the bears . On the other hand, only four of the indicators support the bears showing low bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Polkadot price analysis shares this sentiment and also issue a sell signal with 11 indicators suggesting an upwards movement against only seven suggesting downwards movement for the asset across the timeframe. The analysis shows bearish dominance across the daily frame with sugnificant bullish presence still existing. Meanwhile, eight indicators remain neutral and do not issue any signals at press time.
What to expect from Polkadot price analysis?
The Polkadot price analysis shows that after rising to the $4.700 mark, the price action failed to climb any further and was rejected at the level as the bulls were overextended. At press time, the price has fallen below $4.650 as the bears continue pushing.
Traders should expect DOT to move downwards to the $4.600 mark as the price action observes a correction for the steep bullish movement. As the 4-hour analysis shows bullish presence, the price can be expected to stop at $4.600 mark, however, in case of a downwards breakdown, the next support level lies at $4.500 mark.