Polkadot price analysis shows a bearish trend taking shape, as price dropped more than 4 percent over the past 24 hours to move down to $6.1. Yesterday’s dip from $7 left DOT price at $6.25, with the token enduring a 10 percent decrement. Polkadot had seen a volatile period earlier in the month, with price first rising up to $6.5, before dropping and picking up again to move up to the $7 resistance. With the current decline in place, DOT is supported at $6 with price expected to remain above this price point. Polkadot retains a market cap of $7,958,036,384 with the 11th rank in the cryptocurrency market.
The larger cryptocurrency market also showed bearish domination across the board, with Bitcoin sliding down 3 percent to $28,200, and Ethereum dropping below the $2,000 mark. Among leading Altcoins, Ripple dipped 4 percent to $0.47, whereas Cardano moved down to $0.40 with a 2 percent decline and Dogecoin crashing 4 percent to $0.08.
Polkadot price analysis: Price goes below moving averages on daily chart
On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming a steep downtrend over the past 48 hours after dropping from the $7 resistance. DOT currently finds support at $6, with price carrying potential to move further below this point. After yesterday’s price action, Polkadot price moved below its 9 and 21-day moving averages, and the important 50-day exponential moving average (EMA) at $6.49.
The 24-hour relative strength index (RSI) can be seen forming a distinct dip in market value since April 18, reciprocating the price decline. The RSI currently sits at 42.79, and could be heading further into the oversold zone before price find the next uptrend. The moving average convergence divergence (MACD) curve also shows a bearish divergence in place, with the trend line crossing below the signal line.
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