- Polkadot price expected to fall to $30.
- The closest support level lies at $32 and further below at $30.00.
- DOT faces resistance at the $35.00 mark and further above at $38.
After finally climbing past the $45.00 mark, Polkadot price failed to continue its bullish rally, and the price has dropped to just below the $34.00 mark. While the price at press time holds just below $34.00, the bearish pressure is very strong at press time, and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple‘s XRP and BNB that record a -15.68 and a -5.82 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a -3.54 and a -6.64 percent decrease, respectively.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD exhibited a bearish reversal two days ago and has remained bearish since. While the indicator shows strong bearish momentum, the momentum has declined in recent hours but still leans towards the bearish region. Meanwhile, the 26-EMA is above the 24-EMA with both EMAs moving downwards, the 12-EMA is separating from the 26-EMA showing an increasing sell signal at the time of writing.
The RSI is currently trading in the neutral zone a little above the 32.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has again had a small spike towards the oversold region, suggesting increasing bearish momentum.
The Bollinger bands are currently wide but will converge in the future due to the presence of dark red candlesticks. The bands’ convergence suggests a decrease in volatility for the Polkadot price. Meanwhile, as the price is consolidating well below the bands’ mean line, the price will be leaning downwards for the next few candlesticks.
Overall, the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting a bullish retracement. Meanwhile, 10 indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 12 of the 26 indicators suggesting a bearish movement against only four indicators suggest a bullish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Polkadot price?
Polkadot price is facing strong bearish pressure at the momentum, but the price action finds short-term support at the $32.00 mark. However, the technical analyses and the bearish market sentiment suggest a drop to the $30.00 mark before the Polkadot price can recover.
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