Polkadot price analysis: DOT may decline to $6 in current extended downtrend

Polkadot price analysis shows extremely bearish signs, as price continued to decline for a fourth consecutive day. DOT dipped more than 5 percent to as low as $7.45 today, with trading volume rising 15 percent to show complete seller dominance in the market. DOT faced rejection around the $8.5 mark on June 24, 2022, and has since then declined more than 11 percent. The current downtrend looks set to intensify over the next 24 hours with lower bottom projection at $6.45. Price could also lower down to $5.45 if a daily close below $6.65 takes place.

The larger cryptocurrency market fell into the red zone once again, led by Bitcoin’s fall down to $20,000 with a 2.5 percent decrement. Ethereum lowered 3 percent to stay just above $1,100, while leading Altcoins also posted similar decrements. Cardano dropped to $0.47 with a 2 percent drop, while Ripple lowered almost 4 percent to sit at $0.34. Dogecoin faced a 5 percent drop to move down to $0.06, whereas Solana shed 6 percent to lower down to $36.

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Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: RSI shows positive signs for a breakout on the daily chart

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen facing a stern decline since the current downtrend initiated on June 25, 2022. Having declined more than 10 percent since, DOT currently faces a bearish market with price having dropped below the 50-day exponential moving average (EMA) at $7.81. However, the current price action may be short lived, with a significant upswing on the cards to place DOT in a triangle consolidation.

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Polkadot price analysis: 24-hour chart. Source: Trading View

One positive emergence on the daily chart is the DOT relative strength index (RSI) that is currently showing bullish signs, despite a slight correction. Currently at 41.28, it has the potential to garner further buyer valuation to consolidate price upwards. Meanwhile, the moving average convergence divergence (MACD) curve also currently sits above the neutral zone and forms lower highs. Over the next 24 hours, DOT price will need to hold the $6.65 barrier to avoid slashing down to the $5.45 mark. Whereas conversely, a flip from current levels may push price up to $7.8 before short sellers would come into the market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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