The latest Polkadot price analysis indicates a strong bearish trend for the cryptocurrency. The DOT/USD pair has dropped from a high of $6.10 to around $6.00 as more and more sellers enter the market. The market has been following a downward trend for the past week, and today the circumstances have proved yet again in favor of the bears. The selling activity is on the rise, and as a result, the cryptocurrency value dropped down to the $6.00 bottom. It seems that the price will descend to further low points in the near term if the bearish pressure continues.
Polkadot price analysis 1-day price chart: DOT encounters bearish resistance as the downtrend continues
The one-day Polkadot price analysis confirms a declining trend for the day as the selling momentum is constantly intensifying. The situation has been going quite favorable for the bears for the past week, and the price experienced a sharp drop during the last 24 hours as well.
Currently, the market value of DOT/USD is at a loss of over 1.00%, and it is trading at $6.00. The DOT/USD market cap has dropped significantly over the past day, decreasing to $6.95 billion, while the total volume of trades has also decreased during this time frame, down to $195 million.
The moving average (MA) value present in the one-day price chart stands at $6.27. The MACD indicator has given a negative crossover as the token price breached the $6.00 mark and has been facing bearish pressure ever since. The blue line has crossed the red line and moved above the 0.00 mark, indicating a bearish market. The Relative Strength Index (RSI) value for DOT/USD currently stands at 40.50, showing that the trend is still in favor of sellers.
Polkadot price analysis: DOT/USD levels descend to the $6.00 boundary after a downswing
The hourly Polkadot price analysis confirms a downward trend has taken over the market in the past few days. The bulls need to reclaim the market and make a move higher if they want to prevent further drops. The support level for DOT/USD currently exists at around $5.89 as the price is descending towards that area. The resistance level of $6.04 was breached, and bears took over the market; as a result, pushing the value down to the $6.00 mark.
The MACD indicator has given a negative crossover, with the red line moving above the blue line, which indicates bearish momentum in the market. The histogram also shows that bearish as the red candlestick is on the histogram. The RSI indicator value stands at 42.64, which means that sellers are in favor of the trend, and it will take some time for buyers to reclaim the market. Moreover, the moving average value is found standing at the $5.99 position.
Polkadot price analysis conclusion
To sum up, the Polkadot price analysis for the day shows that a bearish trend is taking over the market as the value has dropped to the $6.00 mark. The selling pressure is in favor of the bears, and it is likely that this downtrend will continue for some time until buyers can reclaim the market. There are strong support levels at $5.89, but if buyers fail to push the price higher, DOT/USD might drop further down toward lower ranges.
