The Polkadot price analysis shows that the cryptocurrency is in a weaker position today, as the market is showing negative sentiment towards the crypto pair. A swing low towards $5.78 was observed as well, but then the price saw a sharp decline which took the token back to the $6.00 level.
However, the price of Polkadot seems to have reached a ceiling in this range, as resistance is found at $6.03 and is preventing the token from further upward movement. The immediate support level is found at $5.78 where a bounce back could be expected to take place, should the price of DOT drop below this point.
DOT/USD 1-day price chart: Bears bring more loss to the crypto asset, as support is found at $5.78
The 24-hour chart for Polkadot price analysis is predicting loss, as the price levels have fallen to a new level today as well. The drop has been taking place on a massive scale as of today, and the price has been on a downtrend for the past few days. Currently, the DOT/USD price is standing at the $6.00 level and is expected to move towards a lower range as well, as the coin has lost 1.00 as of today.
The current resistance level for the DOT price is around level $6.03 while its recent support price is around level $5.78 and the next support level is around the price of $5.50. The RSI line is currently trading near the oversold level around point 40.82 value while the 20 SMA and 50 SMA lines have moved downwards as well.
A bearish crossover has taken place on the MACD indicator showing that bears have taken over the bulls. The moving average indicator is trending downwards and is pointing towards a bearish outlook in the near future.
Polkadot price analysis 4-hour: Downwards candles found at the trading at $6.00
The 4-hour chart for Polkadot price analysis is reflecting that the crypto asset has been falling since last week, however, the downfall was quite steep today as well. The DOT/USD pair is currently trading between the levels of $5.78 to $6.03 and is likely to move down if the bulls fail to take control of the market. The current price is $6.00, and it is highly predictable that more losses are coming the cryptocurrency’s way.
The moving average for the given price chart is $0.452, just above the current price level. The daily RSI indicator stays at the 73 mark, headed toward the oversold zone. As well as, the MACD continues narrowing with the MACD line and signal line both pointing downward. The histogram is in the negative region and reflects that bears have taken control of the market.
Polkadot price analysis conclusion
From the above, Cardano price analysis, it can be confirmed that the price levels are falling to the lowest. The price flow has broken down different support levels as well, and new support is to be found below the $5.78 range, which is the coin’s current price. It can be predicted that the price will go down further from here as well.