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.
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.
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.
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