- Polkadot price expected to fall to $25.
- DOT faces resistance in crossing above the $35 mark.
- The nearest support level lies at $30 and further below at $28.
Polkadot price has finally found support after seeming to be in a freefall since its rejection from the $40.00 mark. DOT has found support at the $30.00 level that has enabled Polkadot price to stabilize.
After enjoying a strong bullish rally for most of February, Polkadot price finally hit a wall at the $40.00 mark. The price saw wave-like bullish activity raising the price from the $15.50 level to the $40.00 mark before being rejected. The rejection caused the price to fall to $26.50 before DOT bounced back to the $30.00 level.
Since then, the buyers have been attempting a recovery to the $40.00 level, but the price faces strong resistance at the $35 mark.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD is highly bearish, as shown in the large red histogram. However, the indicator’s color has switched to light red in recent hours, suggesting a decline in bearish pressure. Currently, both EMAs are moving further downwards; however, the difference between the 12-EMA and the 26-EMA seems to be decreasing.
The RSI is trading relatively low but remains inside the neutral zone and does not issue any signals at the time of writing. Currently, the indicator is trading above 40.00 but shows a decline suggesting selling pressure at the price level. The indicator shows potential for a rally in either direction as the price is not following a clear trend at the moment.
The Bollinger Bands are expanding significantly more so towards the bottom side as the price trades close to the indicator’s lower limit. The indicator suggests high volatility for Polkadot price at the moment with strong bearish momentum.
Overall, the 4-hour technical analysis issues a sell signal of reasonable strength, with 10 of the 26 major technical indicators suggesting a bearish price action across the timeframe. On the other hand, only six indicators suggest a bullish recovery back towards the $35.00 price level. Meanwhile, 10 indicators remain neutral and do not show support for either side.
The 24-hour technical analysis contradicts this sentiment and issues a buy signal with 10 out of 24 indicators supporting the movement. Across the analysis, only four indicators are bearish and suggesting a further drop in DOT price, while 10 indicators sit on the fence, issuing no support for either side.
What to expect from Polkadot price?
Traders should expect Polkadot price to decline further before price can find strong support. The mixed technical indicators and the bearish sentiment piercing the market suggest a drop to the $25.00 mark before stabilizing. The price can be expected to stay below the $30.00 level for a while before recovering.
Conversely, if the price recovers to the $40.00 mark, DOT would be rejected once again and fall to the $20.00 mark due to a lack of bullish support.
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