Polkadot price analysis: Bears take control as prices retrace from highs of $5.06

Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis shows a negative market sentiment
  • DOT prices are currently trading at $4.89
  • Support for DOT is present at $4.85

Polkadot price analysis indicates that the bears have taken control of the market, with prices retracing from highs at $5.06 to current levels of $4.89. The bearish pressure appears to have been triggered by an increase in selling pressure, which has pushed prices lower. Polkadot price analysis reveals a decline of 2.92 percent in prices from the previous price as bears look to break lower. The selling pressure is high in the market as seen in the day, with prices trading lowest price of the $4.85 support level.

The larger cryptocurrency market has seen the most significant coins Bitcoin is down 0.23 percent and however, and ETH is up 0.31 percent. The decline in the price of DOT has been accompanied by an increase in trading volume, with $174 billion worth of tokens exchanging hands over the past 24 hours. The market sentiment is bearish and traders are shifting their focus to other digital assets in search of better returns. The overall market cap of Polkadot stands at $5.663 billion and the 24-hour trading volume is $170 million.

Polkadot price action on a 1-day price chart: Bears take control

The Polkadot price analysis on a daily chart has seen a corrective move lower after prices hit a high of $5.06. The bears have taken control and are looking to break through the $4.85 support level, which could lead to further losses. The bullish were unable to push prices above the $5.06 level, but if the bulls can regain control of the market and break back above this level, then further gains could be seen in the coming days. The Relative Strength Index (RSI) is trading at 43.67 which indicates that the market is currently in a range-bound mode.

image 191
DOT/USD 1-day price chart. Source: TradingView

The MACD and the signal line are both in bearish territory and there is a bearish crossover taking place. The Stochastic Oscillator shows that the market is oversold and this could lead to a bounce in prices. The Moving average is currently trending lower and this could put more pressure on prices. MA is currently at $4.69 and if the bears can break below this level, then further price declines could be in store.

Polkadot price analysis 4-hour price chart: DOT prices at risk of further decline

On the 4-hour chart, the Polkadot price analysis shows that the bears have taken control of the market after the bullish segment ran out of steam. The descending triangle pattern has been broken and prices have fallen back to the $ 4.86 mark.

image 190
DOT/USD 4-hour price chart. Source: TradingView

The technical indications on the 4-hour price chart for Polkadot price analysis indicate a bearish setup in the market. The RSI indicator is trading at 44 levels, which indicates that the market is currently in a bearish phase. The MACD indicator is currently in the bearish zone but has not given any sell signal as of now. The MA, on the other hand, is trending lower and is currently at $4.92.

Polkadot price analysis conclusion

Polkadot price analysis for today shows a declining market as prices look to break lower. The technical indicators on the 1-day and 4-hour charts show that the market is in a bearish phase and a break below $4.86 can see prices retest the $4.85 level in the near term. Bulls are struggling to defend the $5.06 level as prices face a fresh bout of selling pressure in the market.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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