Polkadot price analysis: DOT could rise as high as $8.15 if downtrend halts

Polkadot price analysis remains heavily dominated by bears, as price lowered more than 4 percent today to move as low as $6.73. DOT has been subject to a severe downtrend along with the larger cryptocurrency market, shipping more than 25 percent in price since June 7, 2022. However, if the downtrend halts around current price at $7.20, price could find support around this point and rally upwards. The bullish price analysis for DOT is $8.15 if price can consolidate upwards with buying pressure. Trading volume over the past 24 hours dropped more than 10 percent, while DOT market cap remained on course for the 8 billion mark.

The larger cryptocurrency market continued to decline over the past 24 hours, let by Bitcoin’s demise down to the $22,000 mark with a further 5 percent drop. Ethereum also suffered heavily, dropping 4 percent to sit around the $1,200 mark. Ripple and Cardano lowered 2 percent each, down to $0.31 and $0.47, respectively. Dogecoin also dropped 3 percent to $0.05, whereas Solana picked up some momentum to recover up to $29.13. However, Tron recorded the biggest dip over the past 24 hours, shedding more than 18 percent in price to move down to $0.05.

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Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: DOT market valuation slowly picks up on daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen continuing along a descending triangle that has been trending since June 10, 2022. Since then, DOT price has moved down to $6.73 which is the lowest value in over a year. Price has also dropped further beneath the 20 and 50-day exponential moving averages that occupy the region around $8.10. If DOT price can conjure some buyer action and consolidate upwards over the next 24 hours, a revisit of this area is a possibility.

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

Over recent trading sessions, DOT has consolidated some upward momentum, along with a few other major cryptos. DOT market valuation has also picked up, shown by the 24-hour relative strength index (RSI) that has moved up to 30.15 and is trending upwards. However, the moving average convergence divergence curve continues to show bearish signs as it forms lower highs to move below the neutral zone. Over the next 24 hours, bullish price analysis for DOT is $8.15, whereas if the current downtrend continues, DOT could end up around the $5.80 mark.

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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