The Polkadot price analysis shows that the cryptocurrency has gone through a bearish momentum in the latest price chart. The bearish side has already been successful in halting the upwards price movement, and the last hours have seen a major decline in the price value.
The price has lowered to the level of $6.72, causing a reversal in the uptrend that followed earlier today. As the price is slipping downwards now, further reduction in price can be expected as well. However, support is also present at the $6.65 level, which may act as a cushion if it persists.
Polkadot price analysis daily chart: DOT /USD is caught in a descending channel
The daily chart of Polkadot price analysis shows that the digital asset has been caught in a descending channel. That has been made possible by the bears, who have been able to interrupt the successive bullish wins. The bears have taken the price value down to $6.72, losing about 1.20% in the last 24 hours. The upper line of the descending channel is denoting strong resistance at $6.87, and it has to be broken for a bullish move to be initiated again. The lower line of support can be found at $6.65 and if bears break it, further downward slides can follow.
The 21-EMA and the 50-EMA are located are both trending downwards, which is an indicator of a bearish market. The RSI is also in the neutral zone, suggesting that the price may soon break out of the descending channel. The MACD indicator has increased its negative momentum, indicating an increase in selling pressure. The histogram is still in the red zone, indicating that bears are still dominating the market
Polkadot price analysis: DOT level down to $6.72 after getting rejected
The 4-hour Polkadot price analysis is going strongly bearish as the cryptocurrency has gone through a major loss at $6.72. The bears were successful in pushing the price to this level after rejecting the $6.87 mark earlier today, ending the short-term bullish trend. The sellers are now in control of the market, and further slides can be expected if support at $6.65 is broken.
The RSI has moved to the neutral zone at 53.50, And if bearish momentum continues, it might go lower. The histogram of the MACD indicator has also increased its negative values, with the MACD line below the signal line, suggesting a bearish market. The 20-EMA is currently below the 50-EMA, with both of them trending downwards. This is an indicator that the bearish trend might continue in the near future.
Polkadot price analysis conclusion
To sum up the Polkadot price analysis, it is clear that the bears are currently dominating the market. The coin has touched $6.72 after getting rejected at $6.87, and if support at $6.65 holds, the bulls may try to take back control of the market. Technical analysis suggests that further bearish momentum may follow in the near future, however, the situation can change if the bulls make a comeback.
