Polkadot price analysis: DOT continues along descending pattern with bearish market at $5.47

Polkadot price analysis remains bearish, as price continues to trend along a descending channel at $6.35. Price initiated the present decline on July 8, 2022, around the $7.48 mark which has since then been a rejection point for DOT. The declining pattern, also known as a falling channel has resistance set at $7.32, while support is laid out around the $5.47 mark. If the current trend continues, a gradual ascent up to resistance may be possible over the next 24-48 hours, which may be short lived. However, a move down to support cannot be discounted with the sell level at $6.08 in a bearish market for DOT.

The larger cryptocurrency market consolidated slightly over yesterday’s prices, as Bitcoin remained in touch with the crucial $20,000 mark and Ethereum with the $1,100 mark. Among leading Altcoins, Cardano dropped 2 percent to $0.42, while Ripple dropped slightly to $0.31. Dogecoin made a 3 percent descent to shift down to $0.06, with Solana dipping to $33.83 and Litecoin dropping 6 percent to go down to $48.40.

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Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: RSI shows low market valuation on 24-hour chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming a sideways pattern following on from an extended falling channel. In this mean, DOT has faced multiple rejections around the $7 mark and is still expected to fall short of the resistance point over the current trend. The 24-hour chart shows the trend following two parallel trend lines. The upper trend line joins the highs and the lower trend line joins the lows, with both characterising a bearish market.

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Polkadot price analysis: 24-hour chart. Source: Trading View

Price remains below crucial moving averages, along with the 50-day exponential moving average (EMA) at $6.69. Furthermore, the 24-hour relative strength index (RSI) depicts low market valuation for DOT at at 37.47, which is accompanied by a 53 percent rise in trading volume that shows major selling trend. In addition, the moving average convergence divergence (MACD) curve can be seen forming lower lows with a bearish divergence expected over the coming trading sessions.

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.

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