TL;DR Breakdown
- Polkadot price analysis shows a downtrend market
- Resistance for DOT is present at $6.22
- Support for cryptocurrency is at $5.92
According to market analysis, The Polkadot price analysis is indicating a downtrend market as the bears have strengthened their grip over the past few days. The bulls are having difficulty pushing DOT above the resistance of $6.22, which was established in the previous week when the bulls were in control, and the bears have been steadily pushing it down.
Additionally, market analysis shows that DOT has strong support at around $5.92, which could potentially be the bottom for the cryptocurrency if it continues to fall. The market analysis shows that there is a possibility of DOT making a recovery in the short term, but this depends largely on how quickly the bulls can overcome the resistance at $6.22 and push it up again. If they manage to do so, then there could be a potential for an uptrend in the near future. Currently, DOT is trading close to $6.20 with a negative outlook for the short term as buyers are struggling to make any headway in pushing prices above resistance levels.
DOT/USD 1-day price chart: Polkadot trades in bears below the $6.22 resistance level
The 1-day Polkadot price analysis shows the DOT remains bearish for today as well, following the bearish trend set up on Monday when the price of DOT dropped below $6.22 for the first time. DOT traded in a range of $6.22 to $5.92 today and is trading hands at $6.20 at the time of writing. DOT/USD reports a decrease in value by 1.25 percent over the last 24 hours. The trading volume has also declined to $276 million and the market capitalization stands at $7.051 billion.
The MACD indicator shows a bearish crossover as the first red bar appeared on the histogram today. The Relative Strength Index is also seen decreasing and currently trading at 55.85, which indicates that the bearish momentum is still in control. The moving average is on the verge of crossing below the price, which is an indication that bears could take control soon.
Polkadot price analysis: Recent advancements and further technical signals
The 4-hour Polkadot price analysis shows the coin remained range-bound since the start of today. The price will either bounce back or fall further depending on how the bulls and bears battle it out for control. The 4-hour chart also shows several moving averages, including the MA 50 and MA 200 which are both below the price at $6.22 and $6.00 respectively. This indicates that any attempt at recovery could be met with selling pressure around these levels.
The relative strength index (RSI) has been on a downtrend for the last two days as the price continues to sink and is currently present in the upper half of the neutral zone at index 40.11, and the curve of the indicator is downwards, hinting at the selling activity in the market. MACD shows a bearish crossover with the MACD line cutting below the signal line.
Polkadot price analysis conclusion
To sum up, the Polkadot price analysis reveals a bearish market as of now, We expect the correction to continue in the coming hours, and the price of DOT/USD may go down to the $5.90 level. The bulls are having difficulty pushing DOT above the resistance of $6.22 and there is strong support at around $5.92, which could be a potential bottom for the currency if it continues to fall.
