Polkadot price analysis has been on a bearish trend for the past few hours, slipping from its intraday high of $6.64 to its current price of $6.15 at press time. Despite experiencing a brief spike in prices late yesterday, DOT/USD has been unable to sustain the momentum and continues to remain under bearish pressure.
The bearish pressure is likely to remain in the near term and any bullish attempts are likely to be met with strong resistance at $6.64. The immediate support level is seen at $6.10 while the longer outlook continues to remain bearish.
Polkadot price analysis 1-day price chart: DOT slows down as strong bearish pressure
The 1-day Polkadot price analysis chart indicates that the bears have been in control since early today. The price has dropped by more than 6.75% from its intraday high of $6.64 to its current price at press time. More selling pressure is likely to push the price further down and test the support level at $6.10 as trading volume continues to decline. The market cap of the cryptocurrency has also declined by nearly 8.07%, indicating a bearish sentiment in the market.
The Relative Strength Index (RSI) is currently at 68.35, indicating a bearish market sentiment over the past 24 hours. The MACD indicator shows that the bearish momentum has been weakening but the price could still remain under pressure in the coming trading sessions if buyers don’t step in soon. The moving average indicator (MA) also shows that the bearish trend is likely to continue in the near term.
DOT/USD 4-hour price chart: Bearish trend continues to dominate
The 4-hour Polkadot price analysis chart is currently moving downwards as the bears continue to dominate the market. The descending triangle formation is in play as the price is stuck between two support and resistance levels. The immediate support level lies at $6.10 while the resistance is seen at $6.64, which could prove to be a tough nut to crack for the bulls.
The RSI indicator has moved further into bearish territory and currently stands at 38, indicating that the bearish momentum is likely to remain in the near term. The MACD indicator is also showing a bearish crossover as the signal has moved below the zero line. The moving average indicator (MA) also shows that the bearish trend could continue in the coming trading sessions if buyers don’t step in soon.
Polkadot price analysis conclusion
Overall, Polkadot price analysis is bearish and the cryptocurrency could remain under pressure in the near term. Any bullish attempts are likely to be met with strong resistance at $6.64 while the immediate support lies at $6.10. The technical indicators show that the bearish trend is likely to remain in control in the coming trading sessions if buyers don’t step in soon.