Polkadot price analysis shows a bearish trend emerging on the daily chart, as price continued to decline after facing rejection at the $7 mark. DOT declined a further 1 percent today, following on from yesterday’s 3 percent decrement below the $7 point. At the time of writing, price has settled around $6.8, with further a downtrend expected. The current bearish slide could move price further towards the support zone at $5.8 as major technical indicators show bearish indication.
The larger cryptocurrency market mostly consolidated around yesterday’s prices, as Bitcoin stayed well above the $23,000 mark, and Ethereum rose past the $1,600 price point. Meanwhile, among Altcoins, Ripple made a minor increment to reach up to $0.40, and Dogecoin rose 2 percent to settle at $0.09. Cardano dropped to $0.39 with a minor downtrend, whereas Solana also dropped down to $24.21.
Polkadot price analysis: DOT could drop below moving averages on daily chart
On the 24-hour candlestick chart for Polkadot price analysis, price can be seen changing trends after a positive run above the $7 mark. Since February 3, DOT has been trending downwards after facing a rejection at the resistance point, and could lower down to the support zone at $5.8. Price currently, however, sits above its 9 and 21-day moving averages, along with the important 50-day exponential moving average (EMA) at $6.63.
The 24-hour relative strength index (RSI) can be seen hovering around the 55-60 range over the current trend. This value is expected to drop further into the oversold zone as price decreases, and the RSI would move back up after the current correction in place. Furthermore, the moving average convergence divergence (MACD) curve shows the trend line moving along the signal line, which is expected to keep investors on the fence as it fails to present an apparent trend.
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