TL;DR Breakdown
- Polkadot price analysis shows a bearish trend
- Support for DOT is present at $4.94
- DOT is down by 5.31% as price corrects lower
The Polkadot price analysis indicates a strong bearish sentiment in the market. DOT/USD pair has been on a downward trajectory since the start of today and is now at $5.05 and nearly 5.31% down from its opening price of $5.35. The market crash is strong as the bears are in full control of the price movement, and any attempts to break out of this bearish momentum have been unsuccessful.
The support level for Polkadot is $4.94, a zone where buying pressure has been strong enough to try and push the price back up. A successful breakout of this level could see DOT/USD pair rise once again. The resistance is present at $5.30, which needs to be broken for bullish sentiment to take over and allow the price to rise further.
Polkadot price analysis 1-day chart: DOT trades in a bearish zone
The one-day Polkadot price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. The price has been rangebound between $4.94 and $5.09, and the lower support at this level keeps getting violated. As of now, the DOT price is hovering around the $5.06 mark, and the bearish trend is likely to continue in the coming days.
The moving average indicator is also adding further confirmation to the bearish divergence, as the 50-day MA is below the 200-day MA. The MACD line has crossed into negative territory and currently resides around -0.091. This indicates that there could be more downside in store for DOT prices in the near future. The relative strength index (RSI) is also in the bearish zone and has broken below the 50-level, indicating that selling pressure is still dominating the market.
Polkadot price analysis: DOT price retraces to $5.06 as bears gain momentum
The hourly Polkadot price analysis is still on the bearish side, as DOT has been declining slowly and steadily since the start of today. The market opened trading at $5.19 and has been on a downward trend since then. The market has formed a descending triangle pattern, and the price has broken down from the upper trendline, which signals further bearishness in the DOT market.
The moving average convergence/divergence (MACD) indicator is also confirming the bearish sentiment, as the signal line has moved below the MACD line, indicating a potential bearish crossover. The relative strength index (RSI) is also near the oversold zone, currently at 31.03 and trending lower, which confirms that the selling pressure is strong and could push prices even lower from current levels. The moving average indicator is currently at $5.22, where the 50-day MA is below the 200-day MA, confirming that Polkadot prices are in a bearish trend.
Polkadot price analysis conclusion
Overall, the Polkadot price analysis shows that DOT/USD pair is currently in a bearish trend and could potentially continue to move lower if buying pressure does not pick up soon. The technical indicators are also confirming the bearish divergence, as the selling pressure is dominating the market. The support and resistance levels should be watched closely in the coming days, as any breakout from either of these could signal a change in trend.
