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Polkadot price prediction: DOT to retest $32 support

Polkadot price

TL;DR Breakdown

  • Polkadot price is expected to fall towards the $32.00 mark.
  • The closest support level lies at the $33.00 mark.
  • DOT faces resistance at the $34 mark.

After finally climbing past the $34.50 mark, Polkadot price failed to continue its bullish rally and the price has dropped to just below $33. While the price at press time price holds just below $33, the bearish pressure is increasing and the price may fall further in the immediate future if the selling continues.

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 DOGE, and ADA that record a 6.69 and a 4.34 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 0.69 and a 10.01 percent hike respectively.

Technical indicators for DOT/USDT

Polkadot price prediction: DOT to retest $32 support 1
Technical indicators for DOT/USDT by Tradingview

Across the technical indicators, the MACD shows a declining bullish momentum. The histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb at the 0.40 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little below the 52.00 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 had a small spike towards the oversold region suggesting declining bullish momentum.

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. 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 shares this sentiment and issues a weak sell signal with 10 of the 26 indicators suggesting a bearish movement against only six indicators suggest a bullish momentum. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing

What to expect from Polkadot price?

Polkadot price prediction: DOT to retest $32 support 2
4-hour price chart by Tradingview

Polkadot price was recently rejected at the $34.00 mark setting a lower high for the asset’s price action. The bulls’ attempt at a sharp recovery was crushed due to the selling pressure and the Polkadot price action seems to be headed downwards once again. The mid-term technical analyses remain bearish while the short-term indicators are also suggesting a crossover. As such traders should expect a drop to the $32.00 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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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