Polkadot price analysis for today shows a clear bearish trend for the token as it has declined from the $6.30 to $6.26 level. The bears are exerting strong pressure on DOT/USD pair and there is strong resistance at the $6.33 level, which needs to be broken for the bulls to gain any upside momentum in the near term.
On the downside, the support for Polkadot price is seen at the $6.10 level. The bulls will need to build enough strength and momentum to break this support in order to move higher. If they fail to do so, then more downside could be on the cards for DOT/USD pair in the near term.
Polkadot price analysis 1-day chart: DOT/USD trades in a bearish channel
The 1-day chart for Polkadot price analysis suggests that the token is trading in a bearish channel. The bears have been gaining strength and have pushed the price down to $6.26 losing about 3.6%. The 24-hour trading volume of Polkadot is $216 million, while the market capitalization stands at $7.200 billion which indicates the intensity of the decline in the token’s value.
The Relative Strength Index (RSI) indicates that DOT/USD has reached oversold territory which suggests that there could be a potential bounce back soon. The MACD has also turned bearish and is below the zero line, which suggests more downside momentum for the token. Additionally, the moving average indicator is currently at $6.40, suggesting that the bearish momentum is strong in the near term.
DOT/USD 4-hour chart: The bearish momentum intensifies
The 4-hour chart for Polkadot price analysis shows that the bears are gaining strength and the token is struggling to break above the $6.33 level of resistance. The bull sentiment was in control some hours before but the bearish sentiment has now intensified. The bulls had gained some upside momentum but the bears have now applied additional pressure.
The RSI is at 47.26 indicating that it has reached the oversold zone and there could be a potential bounce back soon. The MACD line has also turned bearish and is below the signal line, which suggests more downside for DOT/USD pair in the near term. The 50-MA indicator and 200-MA indicator both suggest a bearish sentiment in the near term.
Polkadot price analysis conclusion
Overall, Polkadot price analysis shows that the token has been declining steadily and there is a strong bearish sentiment around the token. The bulls need to build enough strength and break the $6.33 level of resistance in order to regain some upside momentum. If they fail to do so, then more downside could be seen in the near term.
