- Polkadot price expected to fall below $32 as bearish pressure persists.
- The closest support level lies at $32 and further below at $30.
- DOT faces resistance at the $36.00 mark.
Polkadot price action has failed to break above the $46.00 mark, and DOT has fallen back to just above the $34.00 mark. While the price currently holds above the $34.00 mark, the bearish pressure is very strong, and the price may fall further if the selling continues. Currently, the price action is oscillating around the $35.00 mark as either side struggles to gather momentum.
Across the broader cryptocurrency market, the last week has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major players include BNB and XRP, which record a 16.80 % and an 8.92% increase, respectively. Meanwhile, Bitcoin price saw a hike of 0.17%, whereas Ethereum recorded a 6.82% rise.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD exhibited a bullish reversal yesterday and has remained bullish since. Across the EMAs, the 12-EMA is separating from the 26-EMA while both EMAs are moving upwards, showing an increasing bullish momentum at the time of writing.
The RSI is currently trading in the neutral zone a little above the 40.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two weeks. Recently, the RSI indicator has had a massive spike towards the overbought region, suggesting a bullish presence at the current price level.
The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Polkadot price in the short term. Meanwhile, as the price is consolidating 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 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two indicators issue 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 five indicators suggest a bullish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Polkadot price?
Traders should expect Polkadot price to retrace to the $32.00 mark as the bearish pressure persists. The price action is expected to continue consolidating at the level before falling down to the $30.00 mark. The mid-term technical analyses and the bearish market sentiment further support this suggestion and suggest that Polkadot price may drop to $28 before finding strong bullish support.
Conversely, if the price breaks above the $36.00 mark, the next resistance level lies at $38.00.
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.