TL;DR Breakdown
- Polkadot price is $4.5487 at press time.
- Short-term chart shows bullish reversal while mid-term chart remains bearish
- Support level may enable price to recover recent loss.
Polkadot price prediction: Today’s price overview
Polkadot price opened at $5.2975 with slight bullish momentum that died minutes into the daily session. The price action was dominated by the bears that caused the price to decline with wave-like activity. Currently, the price is trading at $4.5487, showing a 14.34 percent decline from the day’s opening price.
Polkadot price across the last 24 hours
Polkadot price opened at $5.2975, with the bulls attempting to charge towards higher price levels. However, the price could not break through the resistance at $5.380, and the price action was rejected. Since then, the price action has been dominated by the bears, with the bulls making multiple attempts at a trend reversal.
As the above chart shows, the buyers tried to defend the support level at $4.80 but failed to generate enough momentum. Subsequently, the price hovered at the level before falling below. Currently, the buyers have a support level at $4.44, which has been tested twice but is yet to break.
On the technical indicators, the RSI is neutral and has just retracted from oversold territory. The MACD indicator has just crossed over to bullish, but the two EMAs remain close, suggesting low momentum.
If buyers cannot defend the support level, the price may decline to $4.40 before finding support. However, the support level is weak, and the strong support level lies at $4.31.
DOT USD November chart
Polkadot price started November at $4.1800 with slight bearish momentum that dominated the price action for the first three days of the month. On November 4, the bulls took control of the market as the price rose $4.75. The buyers, however, failed to defend the support at the level, and the price was sharply rejected.
The price action retraced to $4.08, where the bulls found support to fight back. The price continued to see wave-like activity with a mix of red and green candles for the next week. On November 17, the bulls tried to charge above but failed to muster enough momentum to start a bullish rally, and the price declined again. The price found support at the $4.50 level and triggered a bullish rally raising the price above $6.00.
However, the price action could not find support at that level and retraced to pre-rally levels. Currently, the price is again testing the support level at $4.50
On the technical indicators, the MACD remains bearish but shows signs of exhaustion as the two EMAs start to converge. The RSI shows that the asset is currently undervalued and suggests that price action may turn bullish soon.
Polkadot price prediction: Where is DOT price heading?
DOT price is currently testing the $4.5 level support. If buyers are able to defend the level, the price action may become bullish again. On the other hand, the downwards movement may indicate a decline to $4.08, where the next support level lies.
The RSI indicates that the asset is currently undervalued and suggests that the price action may soon witness a trend reversal. The MACD indicator remains bearish, but the two EMAs are beginning to converge, showing signs of a bullish turnover. As such, traders can expect Polkadot price to recover to the $5.00 level.
Polkadot price, similar to other altcoins, shows a high level of correlation with the price action of Bitcoin (BTC). Similarly, if BTC price continues the downwards movement, altcoins, including Polkadot, are also going to be negatively affected.
