TL;DR Breakdown
- Polkadot price expected to fall below $30.
- DOT faces resistance at $32.
- The closest support level lies at $$0 and further below at $28.
Polkadot price made a swift recovery to the $35.00 mark, but the resistance at the level rejected the trend once again. As such, DOT has headed downwards once again, with a fall below the $30.00 mark becoming imminent.
Polkadot price enjoyed a steady bull run across February as the price rose from lows of $15.00 to the recent high at $40.00. However, the trend was rejected at the level and caused DOT to fall below the level. Initially, the price declined to $35.00, with the buyers defending the level, but the price continued to decline after a brief pause.
The decline continued until the price fell to $30 when DOT found a strong support level to facilitate bullish movement. Today the price rose to challenge the $32 resistance, only for the trend to be rejected.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD is bearish, as represented by the red histogram. However, the indicator has been suggesting a decreasing bearish pressure as observed in the light red histogram. The 12-EMA is rising while the 26-EMA moves along the x-axis, suggesting a bullish crossover in the next few hours.
The RSI is neutral and trades close to 50.00 showing low momentum on both sides. The indicator is currently trading along the horizontal axis, suggesting low pressure from either side. However, the indicator’s neutral position suggests the potential for sharp movement in either direction.
The Bollinger Bands are currently wide but show convergence as the price oscillates around the mean line of the indicator. The indicator’s convergence suggests a drop in Polkadot price volatility as the price stabilizes around the $31.00 mark.
Overall, the 4-hour technical analysis issues a sell signal, with nine out of the 26 technical indicators suggesting a bearish retracement. However, the signal is very weak as seven indicators oppose this sentiment instead suggest a bullish price action across the time frame. Meanwhile, 10 indicators remain neutral and indicate no support towards either side.
The 24-hour technical analysis contradicts this sentiment with 10 indicators suggesting an upwards price movement against five that suggest further downwards breakdown. Meanwhile, nine indicators sit on the fence and issue no signals suggesting support for either side.
The contradiction between the two analyses suggests a lack of momentum and fluctuating market sentiment. This suggests that traders are currently speculating the movement of the broader cryptocurrency market before taking any action.
What to expect from Polkadot price?
Traders should expect Polkadot price to oscillate around the $31.00 mark for the next couple of days as the price finds its footing. Traders should expect the price to drop to $24 – $25 before finding a strong support level to facilitate a future bull rally.
Conversely, if Polkadot price is able to defend the $30.00 mark, the price may retest the $35.00 mark. However, the lack of momentum and the mixed market sentiment would only result in another trend rejection from the level.
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.
