Polkadot price analysis shows a downtrend in the market with DOT crashing to $5.90. The bearish momentum accelerated over the weekdays as bears continued to push prices lower amid increasing selling pressure from investors. The major support level was established at $5.80, which the DOT price managed to hold onto and prevented any further downward move in the near term.
The week has been relatively quiet for Polkadot, as the prices remained largely range-bound between $5.65 and $6.97. Additionally, other cryptocurrencies are also trading in the red. With top coins such as Bitcoin and Ethereum experiencing bearish pressure, it suggests that the overall market sentiment has turned negative.
Polkadot price analysis 1-day price chart: Bears pulling the price below the $6.00 level
In the 1-day chart, the Polkadot price analysis shows prices are going down for the cryptocurrency due to continuous bearish pressure from the last few hours. Though the bulls provided some brief support level above $6.00 the previous week, However, the bears were strong enough to push prices lower and break through the support level.
The technical indicators for DOT also point towards a bearish trend in the market. The Relative Strength Index (RSI) is currently at 39.50, which further shows that selling pressure has intensified. Furthermore, the MACD line is below the signal line indicating that the bearish momentum is likely to continue. The Bollinger bands indicate a volatile situation as the price is continuously bouncing between the two bands. The upper band is currently standing at $6.98, and the lower band is at $5.81, indicating the current trading range for DOT.
Polkadot price analysis: Bearish trend prevailing in the market
The 4-hour Polkadot price analysis shows that bears are providing tremendous resistance to the surging price due to the previous bullish momentum by decreasing the price to $5.90, with a loss of over 3.12% in the last 24 hours. The selling pressure has surpassed the buying pressure as the bears have managed to push prices lower and break through the support level at $5.80.
The Bollinger bands for DOT have also narrowed down, showing that the market is likely to remain in a range-bound pattern until the bulls or bears gain control of the market. The upper Bollinger band is currently at $6.70, while the lower Bollinger band is at $5.67. The MACD indicator is also in the bearish zone, indicating that the bearish momentum will continue in the market.
Polkadot price analysis conclusion
Overall, the Polkadot price analysis suggests that it is still under a bearish trend as prices remain range-bound between $5.80 and $6.10. The technical indicators are also pointing towards a bearish outlook in the near term. However, the trend may reverse if prices manage to break above the $6.10 resistance level.
