- Polkadot price expected to fall to $24.00 support
- The closest support level lies at $28 and further below at $26
- DOT faces resistance at the $20 mark.
Polkadot price action has failed to break above the $37.00 mark and has fallen back to below the $30.00 mark. While the price currently holds just below the $30.00 mark, at a press time, the bearish pressure is very strong, and the price may fall further 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. Major Players who recorded a loss include BNB and DOT that record a 14.75 and a 16.45 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a 10.11 and an 11.95 percent decrease, respectively.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD exhibits strong bearish momentum as observed in the dark red histogram. The indicator had a bearish reversal yesterday and has dropped to below the -1.200 mark. Across the EMAs, 26-EMA is trading above the 12-EMA while both EMAs fall.
The RSI is currently trading in the neutral zone a little above the oversold region at the 32.00 mark but does not issue a signal. It has been in the neutral zone for the past week, and since yesterday, it has observed a downwards movement for the indicator towards the oversold region, suggesting high bearish momentum.
The Bollinger bands are currently wide but will converge in the immediate future due to the presence of continuous dark red candlesticks. The bands’ convergence suggests a decrease in volatility for the Polkadot price, which is at press time just below the $30.00 mark. Moreover, as the price is consolidating well below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks.
Overall, the 4-hour technical analysis issues a “strong” sell signal, with 16 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 bullish momentum. Meanwhile, nine 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 14 of the 26 indicators suggesting a bearish movement against only three indicators which suggest a bullish momentum. Also, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Polkadot price?
Polkadot price has fallen to the $28.00 support level, and while DOT currently holds above the level, the strong bearish pressure may cause the price to fall below. The technical indicators such as the RSI show room for further downwards movement while the technical analyses support the bears. As such, Traders should expect the Polkadot price to fall towards the $24.00 support level.
Conversely, if the buyers defend the $28.00 support level, the closest resistance lies at the $30.00 mark.
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.