The Polkadot price analysis reveals a bearish market after the recent sharp drop in prices. Despite short-term signs of support at $5.29, the overall trend appears to be heading downward as sellers take control of the market and keep prices suppressed. The price has slid steadily since then, with strong bearish pressure weighing on the market. DOT is present at $5.30 with a strong bearish sentiment, facing immediate resistance at the $5.45 level.
Polkadot price movement in the last 24 hours: Bears encounter bullish pressure at $5.35
Polkadot prices have been alternating between the $5.29 and $5.45 price levels over the past few hours as the bears and bulls wage a tug-of-war. The bears have been dominant so far, pushing prices downward in what appears to be a downtrend. However, the bulls have managed to push prices up slightly at times, as seen on the 4-hour chart. Despite this brief reprieve, the bearish pressure is still strongly felt in the market, with prices likely to remain suppressed for the time being.
The RSI indicator is currently trading at the 38.54 level, which suggests that the market has no clear bias at the moment. The MACD indicator is also hugging the centerline, which further affirms the indecision in the market. The moving averages are still far apart, with the 20-day EMA at $5.41 and the 50-day SMA at $5.12, indicating a bearish market bias in the near term.
Polkadot price analysis on a 4-hour price chart: descending channel in play
A closer look at the 4-hour chart reveals that Polkadot prices have formed a descending channel over the past few hours. The lower boundary of the channel is currently acting as support for DOT prices, while the upper boundary is capping any bullish attempts. As long as the price remains inside this channel, it will be difficult for buyers to gain control of the market.
The technical indicators are all pointing to a bearish sentiment in the market, with the MACD still residing near the centerline. The MACD line is still below the signal line, which suggests that sellers have the upper hand. The RSI is also trading at a low level of 40.73, just below the neutral 50 mark. The moving average is present at $5.35, which is below the current market price and could act as resistance in the near term.
Polkadot price analysis conclusion
Overall, Polkadot price analysis reveals a bearish sentiment in the market. The strong downward pressure has kept prices suppressed for the past few hours, with no signs of a reversal in sight. The descending channel on the 4-hour chart is also limiting any bullish attempts, and buyers may struggle to gain control of the market for the time being. The technical indicators are all pointing to a bearish market bias, with more downside action expected in the near term.
