Polkadot price analysis: DOT declines to $6.17 as a bearish rule of the market


TL;DR Breakdown

  • Polkadot price analysis appears to be bearish
  • Support for DOT/USD is present at 6.17
  • The resistance for ADA/USD is currently at $6.31

Polkadot price analysis reveals the price has been trading low for the past few weeks and is expected to remain near current levels. The technical indicators, however, show signs of a potential reversal in trend. The cryptocurrency is covering a downward channel and is currently trading below $6.17 which has decreased by over 1.12 percent. The resistance for the DOT/SD pair appears to be around $6.31 and the support at $6.17, with a break of either level likely to result in a strong move in either direction. The market has been consolidating in a tight range with the price ranging between $6.17 and $6.19, indicating that traders are waiting for the next move. The 24-hour trading volume is currently at $188 million, while the market capitalization for the DOT/USD is trading at $7.11 billion.

Polkadot price analysis on 1-day chart: Price of DOT plummets to $6.17 following a bearish trend

The one-day Polkadot price analysis confirms a downward price movement for today has the price of the DOT/USD pair trading below $6.17. The market has been trading in a tight range and will likely remain so until the next breakout move. The technical indicators are giving mixed signals, but momentum is still bearish.

image 2
DOT/USD 1-day price chart, Source: TradingView

Moreover, the moving average convergence and divergence (MACD) is below the signal line and is trending downwards, indicating there could be a further downside. The RSI is trading at 66.59, indicating that the market is oversold and there could be a potential bullish reversal. However, the Moving average for the one-day chart is still showing a bearish divergence, which could indicate that the price could move down in the near term. 

DOT/USD 4-hour price chart: Bearish wave accelerates as price descends to the low of $6.17

Looking at the 4-hour price chart for Polkadot price analysis, the price is still trading below the $6.17 level and is likely to remain within the current range until a new breakout occurs. The price has decreased significantly and is currently near its support level at $6.17. The market has been under the influence of the bears for the previous few hours, and the short-term moving line has been sinking. The value of cryptocurrencies has suffered during the past four hours, with a noticeable price decline.

image 3
DOT/USD 4-hour price chart, Source: TradingView

The technical indicators are still giving mixed signals but the moving average convergence and divergence (MACD) level is currently moving into negative territory, with the signal line falling beneath the MACD line. Bearish divergence is still visible in the moving average for the 4-hour chart, which might portend further price declines. The relative strength index (RSI) is also trading in oversold territory and is currently showing no signs of bullishness.

Polkadot price analysis conclusion

Overall, the Polkadot price analysis confirms a bearish outlook for the DOT/USD pair, and traders should be cautious when taking positions. The current support level is at $6.17, with a break of either level likely to result in a strong move in either direction. The technical indicators are giving mixed signals, but the MACD and RSI levels could suggest a potential bearish trend in the near future.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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