Polkadot price analysis shows that the bearish sentiment is intensifying and the coin is trading lower than yesterday’s close. The DOT/USD pair dropped below $6.50 to trade as low as $6.38 during the early hours today, as selling pressure continues to mount in the market.
The bulls had a difficult time keeping the price of DOT/USD above $6.50, as strong selling pressure forced the coin to break below this level during the early trading session today. This bearish move pushed prices further down and saw them trading in a range of $6.33 – $6.55 for most of the hours.
The bulls are trying to stay above the $6.30 level, however, if this support is broken then prices could begin to drop toward the next major support at $5.90. On the upside, the bulls must break and hold above the key resistance of $6.55 in order to reclaim control of the market and start generating a strong bullish momentum.
Polkadot price analysis 4-hour price chart: DOT/USD shows a strong bearish trend on the chart
The four-hour Polkadot price analysis chart shows a strong bearish trend and bears are in complete control of the market. The coin has made three consecutive lower lows during the last few hours and this suggests that selling pressure is increasing and more downward momentum can be expected. The moving average indicator is also showing a bearish signal at $6.42 and this could further fuel the downward trend in DOT/USD prices.
The 50-SMA and 200-SMA are both moving in a downward direction and the RSI is trading deep into the oversold region above 30. This suggests that for now, the bearish sentiment will remain strong and prices could drop further down to test new lower levels. The MACD is also moving lower, indicating a bearish market for Polkadot, as the MACD line is trading below the signal line and forming lower highs.
DOT/USD 1-day price chart: Downtrend shows no sign of reversal
1-day Polkadot price analysis chart shows the coin is trading in a strong downtrend and bears are dominating the market. The pair has formed a series of lower highs and lower lows, indicating that selling pressure is intensifying. The selling pressure has pushed the prices below the key support level of $6.33 and it is likely that the coin could test new lows if this area is broken.
The 50-SMA is moving lower and so is the 200-SMA, indicating that bearish sentiment will remain strong in the near term. The RSI indicator has also moved into the oversold region above 50, suggesting that bearish momentum could increase in the coming hours. The MACD is also moving lower, signaling further downward pressure on DOT/USD prices. The red candle stick on Histogram is narrowing and suggests that the prices could break down soon.
Polkadot price analysis conclusion
To conclude, Polkadot price analysis shows a strong bearish trend in the market, and selling pressure is intensifying. The bears are in control of the market and could push prices lower toward new lows if support levels fail to hold. The indicators also suggest more downside potential for DOT/USD prices in the near term. Therefore, traders should take a cautious approach and wait for a price reversal before entering into any long positions.
