Polkadot News

Polkadot price prediction: DOT not ready to leave $36.00 support

TL;DR Breakdown

  • Polkadot price is expected to move sideways around $36
  • The closest support level lies at $36.00
  • DOT faces resistance at the $37.00 mark

Polkadot price has broken above the $33.00 mark, and strong bullish momentum has carried the price to challenge the $36.00 mark. DOT price records an over 24 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major Players include Ripple‘s XRP and BNB that record a 50.83 and a 19.69 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 14.78 and a 24.879 percent hike.

Technical indicators for DOT/USDT

Technical indicators for DOT/USDT by Tradingview

Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator saw a bearish reversal at 10 pm yesterday, and since then, the bearish pressure is increasing steadily. Across the EMAs, the 26-EMA is trading above the 12-EMA and continues diverging while both EMAs fall.

The RSI is currently trading in the neutral zone a little above the 52.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two weeks. At press time, the RSI has had a small spike towards the oversold region, suggesting an increasing bearish presence and giving a clear indication to sell

The Bollinger bands are currently wide but will converge rapidly in the immediate future 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. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 10 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only seven indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis does not share this sentiment and issues a buy signal with 10 of the 26 indicators suggesting a bullish movement against only eight indicators which suggest a bearish retracement. Meanwhile, eight
indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Polkadot price?

4-hour price chart by Tradingview

The Polkadot price prediction is consolidating around the $36.00 mark as price action comes to a still near the level. The extremely low trade volume observed by the asset in recent days is the primary factor behind this stagnation that shows that majority of holders are speculating the market, waiting for the Polkadot price to turn in a clear direction.

The short-term technical indicators are bearish, while the mid-term technical show bullish sentiments that highlight a lack of momentum at press time. As such, traders should expect Polkadot to continue observing sideways movement around the $36 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.

This post was last modified on May 21, 2021 3:59 am

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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