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Polkadot price analysis: DOT/USD prices consolidates at $20.77, as bears have the upper hand

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TL;DR Breakdown

  • Polkadot price analysis shows a downtrend
  • DOT prices have sought support at $20.27
  • Polkadot prices are currently facing resistance at $20.86
Polkadot price analysis: DOT/USD prices consolidates at $20.77, as bears have the upper hand 1
Cryptocurrencies prices heatmap, source: Coin360

Today Polkadot price analysis shows that the coin has been trading downwards after it reached a high of $21. The market has been consolidating at around $20 for some time now and looks like it is preparing for another move. Polkadot’s price is currently struggling to hold above the key support level of $20.27.It is currently trading at $20.77 and is down by 0.62 percent in the last 24 hours. The market capitalization of the coin stands at $,$20,543,697,913.46 while its trading volume over the last 24 hours is $$760,451,854.38.DOT prices have seen resistance at $20.86, and it looks like the market is heading towards a bearish run in the short term.

The current resistance for DOT/USD is at $ 20.64 with a possibility of breaking out to the upside should the bulls manage to take control of the market. Polkadot prices have slightly slipped downwards by 0.62 percent, with trading volume and market capitalization both seeing a slight decline.DOT/USD has found firm support at $20.27 and is currently trading just above it. The market looks bearish at the moment but a breakout to the upside cannot be ruled out.

Polkadot price movement on a 1-day price chart: Bears are adamant about pulling DOT prices below the support level of $20.27

Looking at the DOT/USD 1-day chart, it can be seen that the market has been in a consolidation phase for the past few days after it reached a high of $21. The market looks like it is preparing for another move and the key levels to watch out for are $20.27 and $20.64.

The current resistance for DOT/USD is at $ 20.64 with a possibility of breaking out to the upside should the bulls manage to take control of the market. However, if the bears manage to push the price below the key support level of $20.27, we could see the prices head towards $19.50 levels. Bulls must take control of the market and push prices past $21 to confirm a breakout to the up. The RSI indicator is currently at 42 percent, which indicates that the market is neither overbought nor oversold. The MACD indicator is also in the neutral territory. Overall, the market sentiment seems to be bearish at the moment.

Polkadot price analysis: DOT/USD prices consolidates at $20.77, as bears have the upper hand 2
DOT/USD 1-day price chart, source: TradingView

The market volatility for DOT/USD prices is currently at a high level as the market looks to establish direction as this is evident from the Bollinger bands which are starting to widen. The 50-day EMAs are currently located below the 100-day EMAs, confirming that the bears are in control of the market.

Polkadot price analysis on a 4-hour price chart: Recent developments and further technical indications

A look at the 4-hour timeframe shows that the market has been in a consolidation phase for the last few hours and looks like it is preparing for another move. The Relative Strength Index (RSI) is currently hovering around the 50-level, which indicates that the market is currently neither overbought nor oversold.

The MACD is currently in the bearish zone but is close to crossing into the bullish territory, which could signal a change in trend. The market volatility for DOT/USD prices is currently at a high level as the market looks to establish direction as this is evident from the Bollinger bands which are starting to widen. The 50-day EMAs are currently located below the 100-day EMAs, confirming that the bears are in control of the market. Bears seem to be getting exhausted as the indicators on the 4-hour chart are giving bullish signals.

Polkadot price analysis: DOT/USD prices consolidates at $20.77, as bears have the upper hand 3
DOT/USD 4-hours price chart, source: TradingView

Polkadot price analysis conclusion

We can see that prices have been trading sideways with a bearish bias lately, based on the 1-day and 4-hour DOT/USD price charts. The bulls must take control of the market and drive prices past $21.15 to confirm a break upwards. The MACD is in the process of moving into the bullish zone, while the RSI indicator is in the bullish zone, suggesting that investors are now in control of the market. If the prices continue to decline, though, the main support to watch for is $20.64, which may be tested in the near future if the bulls can maintain control of the market.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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