Polkadot price analysis shows a bearish trend moving into place on the daily chart, as the token dropped another 2 percent over the past 24 hours to move as low as $6.24. After spending most of the start of this month in a sideways trend around the $6.4 mark, DOT failed to breach the next resistance point at $6.5. The token could now be heading into a restart around the $6 support zone to launch the next uptrend. The market cap for Polkadot dropped to $8,188,870,395, with the coin occupying the 11th rank in the crypto market.
The larger cryptocurrency market showed downtrend similar to Polkadot, with Bitcoin declining below the $28,000 mark, and Ethereum dropping 2 percent to $1,800. Among leading Altcoins, Ripple moved down to $0.50, with Cardano lowering 2 percent to $0.38. Meanwhile, Dogecoin underwent a much severe 7 percent decline to move down to $0.08.
Polkadot price analysis: RSI headed towards oversold zone on daily chart
On the 24-hour candlestick chart for Polkadot price analysis, price can be seen extending from a horizontal trend into a bearish setup altogether. With the $6.5 resistance keeping further away from current price, DOT has moved below the 9 and 21-day moving averages, and the crucial 50-day exponential moving average (EMA) at $6.31 on the daily chart.
The 24-hour relative strength index (RSI) can be seen ramping downwards to approach the oversold zone amid the persistent bearish hold. Having moved down to 51 from over 58 over the past 24-48 hours shows lowering market valuation for DOT. Meanwhile, the moving average convergence divergence (MACD) curve also shows a potential bearish divergence in place. Price prediction for Polkadot remains a move down to $6 support before the next uptrend to test the $6.5 resistance.
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