Polkadot price analysis shows price enduring a fresh decline, as the token dropped from yesterday’s price of $5.6 to a low of $5.1 after enduring a 10 percent dip. DOT has largely remained bearish since April 19, when it was at a high of $6.88. Since then, price has largely followed a horizontal trend, with occasional dips, with a general direction downward. With the newest decline taking shape, support is set at $5 and the $6.3 mark is continuing as the immediate resistance point. Polkadot trading volume dropped more than 30 percent over the past 24 hours, highlighting the bearish sentiment in the market.
The larger cryptocurrency market showed some recovery from yesterday, with Bitcoin increasing past $27,500 after initially falling well below. Ethereum also formed a slight recovery to move above the $1,800 mark. Among Altcoins, Ripple recovered up to $0.42, while Cardano increased 1 percent to move up to $0.36, similar to Dogecoin’s move up to $0.07.
Polkadot price analysis: RSI heads deeper into oversold zone
On the 24-hour price analysis for Polkadot price analysis, price can be seen headed down a descending triangle towards the support zone at $5. With yesterday’s 10 percent decline, price has moved well below its 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $5.6.
The 24-hour relative strength index (RSI) can be seen heading deep into the oversold zone around the 33 mark, showing low market valuation for DOT. With the current valuation, Polkadot price is expected to lower further before forming an uptrend. Meanwhile, the moving average convergence divergence (MACD) curve also indicates a bearish divergence in place, with the trend line continuing below the signal line at current trend.
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