TL;DR Breakdown
- Polkadot price analysis suggests downward movement to $5/80
- The closest support level lies at $5.90
- DOT faces resistance at the $6.00 mark
The Polkadot price analysis shows that the DOT price action has broken above the $340.00 mark as the bulls show strong momentum. However, the price action still faces strong bearish resistance at this level.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include BTC and ETH showing a 7.54 and a 5.97 percent incline, respectively.
Polkadot price analysis: DOT fails to break above $6.00
The MACD is currently bearish as expressed in the red colour of the histogram. On the other hand, the indicator shows a very low bearish momentum at the press time as the indicator has only recently observed a bearish crossover. However, the indicator suggests an increasing bearish momentum as the price breaks down below the $6.00 mark
The EMAs are trading close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading close to each other showing low bearish momentum at press time. On the other hand, the diverging EMAs suggest a slowly increasing bearish momentum.
The RSI has been trading in the neutral region for the past seven days as the price action consolidated around the $6.00 mark. At press time, the indicator trades near the mean point at the 44.53 index level as the price suggests low bearish momentum but with increasing bearish pressure at the current price level.
The Bollinger Bands are currently narrow as the price action observes little to no volatility across the short-term charts. Furthermore, the declining trade activity and the short-term indicators suggest low volatility across the next few days. At press time, the bands’ lower limit provides support at the $5.857 mark while the upper limit presents a resistance level at the $6.073 mark.
Technical analyses for DOT/USDT
Overall, the 4-hour Polkadot price analysis issues a strong sell signal at press time with 16 indicators supporting the bulls. On the other hand, only two of the indicators support the bulls showing little to no bullish presence. At the same time, the right indicators sit on the fence and support neither side of the market.
The 24-hour Polkadot price analysis shares this sentiment and also issues a sell signal with 11 indicators supporting the bears against only one supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining nine indicators remain neutral and do not issue any signals at press time.
What to expect from Polkadot price analysis?
The Polkadot price analysis shows that the Polkadot market is currently in a bearish rally as the price action observed a breakdown from the $7.00 mark to the $5.800 price level. However, the bulls made some recovery and the price has risen back to the $5.90 mark.
Traders should expect DOT to observe sideways movement at the current price level before the price action continues its upward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bearish and bullish trends respectively. Currently, the price can be expected to move to $5.80 before finding a strong support level
