- Polkadot price expected to breakdown further due to lack of momentum
- DOT faces resistance in climbing above the $36.00 mark
- THe closest support level lies at $32 and further below at $30.
Polkadot price has failed in climbing above the $36.00 mark, and the price action continues its breakdown today. In the last 48 hours, the asset’s price volatility has declined sharply to the price just oscillating around the $34.00 mark with slight movement above the $35.00 mark.
The broader cryptocurrency market observes a bullish change, with most cryptocurrencies recording an increase in their price across the timeframe. However, the movements are not significant, and most assets, including Bitcoin, record profits and losses under five percent. Only a few assets like Ethereum and Chainlink record significant movements, with the two assets recording profits of 7.3 and 11.5 percent, respectively.
Technical indicators for LTC/USDT
Across the technical indicators, the MACD is bullish but shows a declining bullish momentum as expressed in the declining size of the green histogram. The two EMAs both move at a slight slope as the Polkadot price consolidates further at the price level. The EMAs are moving close together and show further convergence suggesting a bearish crossover for the asset’s price.
The RSI is currently neutral and trades close to 50.00, with the indicator moving along the x-axis at the time of writing. The indicator shows potential for sharp movement in either direction but does not issue a signal at press time.
The Bollinger Bands are converging to a squeeze as the price consolidates around the $34.00 mark.
Overall, the 4-hour technical analysis issues a sell signal with 10 of the 26 major technical indicators leaning in support of a downwards price movement across the timeframe. On the other hand, only six indicators issue signals in support of a bullish movement. Meanwhile, the remaining 10 indicators sit on the fence and issue such signals in support of either side.
The 24-hour technical analysis contradicts this sentiment and issues a buy signal with 11 of the 26 major technical indicators supporting a bullish price action against six, suggesting further bearish retracement from the price level.
The contradiction between the two indicators suggests a lack of momentum in the markets as the price continues to oscillate around the $28.00 mark. The short-term indicator suggests a pullback, while the daily frames suggest an upward price movement. Overall, this suggests the continuation of the current trend.
What to expect from Polkadot price?
Traders should expect Polkadot price to continue its wavelike movement as the price consolidates at the price level. However, the trend is moving to a breakdown, and the price can be expected to fall to the $30.00 mark in the short-term. The breakdown is expected to continue to the $25.00 price range.
However, the conditions may change if the broader cryptocurrency market observes sharp volatility in the next few days. In that case, Polkadot price may be expected to follow suit as the DOT/USDT pair continues to show a high level of correlation with the BTC/USD pair.
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.