Polkadot price analysis is bearish today after the Doji candlestick pattern yesterday. The cryptocurrency faces resistance at $8.02; the closest support is $0.65. On the 4-hour chart, Polkadot is downtrend as the 50 Simple Moving Average (SMA) and the 20 SMA slope downward.
The prices are moving towards the daily support at $0.53, and a bounce off this level could see DOT prices retesting the $8.02 resistance. On the downside, a break below $0.65 could see Polkadot drop to $0.50.Polkadot price analysis is bearish today after the Doji candles yesterday. DOT/USDT is trading at $6.72 and is facing resistance at $8.02.
Polkadot price analysis on a 1-day price chart: Bears take control
The daily price chart for Polkadot price analysis shows that the bears have taken control of the market. The prices are trading below the 20-day and 50-day SMAs, which is a bearish sign. Moreover, the Relative Strength Index (RSI) is in the oversold territory, which means the sell-off could continue.
DOT/USD 1-day price chart, Source: TradingView
The MACD indicator is also in bearish territory, which is another sign that the prices could fall further. The next support levels to watch out for are $0.50 and $0.40. On the upside, the closest resistance level is at $8.02.
The Bollinger bands are also narrowing, which is a sign that the market is consolidating. A breakout of $8.02 could see DOT prices move higher towards $10.To sum up, Polkadot price analysis is bearish on all timeframes, and a break below $0.65 could see DOT prices drop to $0.50 in the near term.
On the 4-hour DOT/USD price chart: Recent price developments
The 4-hour price chart for Polkadot price analysis shows that the prices have been downtrend since February 16. The prices have fallen below the 20-day and 50-day SMAs, which is a bearish sign.
DOT/USD 4-hour price chart, Source: TradingView
The market is anticipated to remain bearish in the near term, as the MACD indicator has dropped below the signal line, which is a negative indication. The Relative Strength Index (RSI) indicators are approaching oversold levels, suggesting that the market may move higher soon. The Bollinger Bands for DOT/USD are currently rather close together, indicating that the market is consolidated.
Polkadot price analysis conclusion
The price of Polkadot has dropped significantly during the day, as shown by the analysis of its price. DOT/USD is currently trading at $6.72 and is facing resistance at $8.02. The market is anticipated to remain bearish soon, as the MACD indicator has dropped below the signal line.
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