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Polkadot price prediction: Strong bearish signs emerge near $27

DOT

TL;DR Breakdown

  • Polkadot price prediction appears to be bearish.
  • The strongest resistance is at $41
  • The strongest support is at $26.47

The Polkadot price prediction for December 16, 2021, shows us that the underdog of the cryptocurrency has been following a steady downwards trend in the past few days; However, the price went as far as $30 on December 12, 2021, and it has been steadily declining since then. The cost of Polkadot on December 16, 2021, is $27.69

DOT/USD 4-hour chart: Stable after constant volatility

The Polkadot price prediction for the 4-hour price chart indicates that the market’s volatility is at a standstill, with the upper limit of the Bollinger’s band at $29.6 being its resistance. The lower limit of the Bollinger’s band rests at $26 is the support.

The DOT/USD price appeared to be moving above the Moving Average curve showing a bullish movement, just before it shifted the trend and the DOT/USD price went below the Moving Average curve showing the bearish trend.

Polkadot price prediction: Strong bearish signs emerge near $27 1
DOT/USD 4-hour price chart source: Trading view

The Polkadot price prediction specifies that The Relative Strength Index is 46. This means that the underdog cryptocurrency shows no signs of devaluation or over-selling. The market’s volatility doesn’t seem to be decreasing or increasing. The RSI indicates that the assets are neither extreme; this may be a sign of stability for The Polkadot cryptocurrency.

Polkadot 1-day price prediction: DOT/USD facing strong resistance

The Polkadot price prediction of the 1-day chart shows that the market’s already massive volatility is decreasing at a ponderous rate due to the strong resistance. The upper limit of the Bollinger’s band is $41, which is the strongest resistance. The lower limit of the Bollinger’s band is $23, which is the strongest support. The DOT/USD price appears to be moving below the Moving Average curve, indicating a bearish trend.

Polkadot price prediction: Strong bearish signs emerge near $27 2
DOT/USD 1-day price chart source: Trading view

By observing the Polkadot Price prediction for one day, we have deduced that the Relative Strength Index is 35, which is an indication that the assets are being devalued. The bears are currently dominating the market by a long shot. The bulls are trying hard to get the price back up, but the bears are not losing that quickly. The battle between the two is fierce, and the bears have the upper hand for now.

Polkadot price prediction conclusion: Bears put pressure near $28

The conclusion of the Polkadot pricing forecast shows that the observations made on the current behavior of the cryptocurrency underdog show that it is following a trend of decline. DOT/USD price struggles at the $30 mark; the price reached $30 on December 12, 2021.

Chart analysis shows solid bearish characteristics. It is predicted that Polkadot may be further reduced if the bears continue to dominate the market, which is the most likely scenario.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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