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Polkadot price analysis: Bullish momentum faces break down at $43.6 level

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  • Price has receded down to $43.64.
  • Polkadot price analysis confirms bearish return.
  • Support is rigidly standing at $30.19.

The price is going down once again as the latest Polkadot price analysis is confirming the bearish comeback. The price has undergone a decline during the last 24-hours, as the bears interrupted the bullish current by bringing the price down. The price is now following bearish movement momentarily and has moved down to the $43.64 level in the last 24-hours. The bearish momentum has been trending in the last four hours as well.

DOT/USD 1-day price chart: Bears drag price down to $43.64 level after gaining strength

The bears are striving for reestablishing their position on the price chart as can be observed from the one-day Polkadot price analysis. Today, a bearish price movement has been observed as the DOT/USD price devalued to $44. Although the bulls have been reigning on the whole, the price has decreased during the day because of bearish momentum. The moving average (MA) for the day is standing at the $42.73 level.

Polkadot price analysis: Bullish momentum faces break down at $43.6 level 1

The volatility has been decreasing which is why the Bollinger band average is now at $39.06. Whereas the upper Bollinger band value is at $47.93 for now whereas the lower Bollinger band value is at the $30.19 position. The Relative Strength Index (RSI) score is yet to reach 70 and is still standing at 64.66.

Polkadot price analysis: Price decrements to $44 as downward trend continues

The four hours Polkadot price analysis shows that the bears have been at lead for the past few hours. The price has been falling down quite consistently with a few bullish price movements recorded here and there. The price has undergone a decline in the last hours as well and is now settled on the $43.64 mark. The moving average, on the other hand, is dictating its value at the $43.94 position.

Polkadot price analysis: Bullish momentum faces break down at $43.6 level 2
DOT/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 curve and the SMA 20 curve was recorded earlier, which is another confirmation of a downtrend. The Bollinger bands indicator is showing the following values in the four hours price chart; the upper value is $45.59 whereas the lower value is $42.3. The RSI score is at a quite average position and is at 51.22.

Polkadot price analysis: Bullish momentum faces break down at $43.6 level 3
DOT/USD technical indicators chart. Source: TradingView

The overview of cryptocurrency progress shows promising results which is why the technical indicators chart for DOT/USD is going bullish. There are 15 indicators settled on the buying mark, nine indicators on the neutral mark, and two indicators on the selling mark.

The moving averages indicator is displaying favorable results for the buyers as well as it is giving a strong buy signal for the day. A total of 13 indicators are there on the buying position while one indicator each is sitting on the selling and neutral positions. The Oscillators, on the other hand, are showing neutrality with eight oscillators at the neutral position, two oscillators at buying position, and one oscillator at the selling position.

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Polkadot price analysis conclusion

The one-day, as well as the four hours Polkadot price analysis, is showing slightly unfavorable results for the cryptocurrency. That is because the price has covered downward movement during the day and has undergone a decline up to the $43.6 level. It can be expected that the price will go down even further as the bears have been dominating for the last four hours as well.

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Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed

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  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $34.4.
  • Support for DOT/USD is present at $32.

The Polkadot price analysis is bearish today. DOT/USD hasn’t found support yet, as the support at $33.9 has already crashed under selling pressure. However, DOT got some support around $33, but the downtrend has again begun as the bears have taken over control over the price function again. It is expected the DOT will continue to lose value today before recovering in the next trading session.

Overall the cryptocurrency market has observed negative sentiment with a bearish trend being followed by most coins, including the Bitcoin and Ethereum reporting losses from one percent to six percent mostly, with some coins reporting losses up to 11 percent today.

DOT/USD 1-day price chart: Bullish efforts declined

The 1-day price chart shows the price has decreased considerably today, and Overall DOT has been following a downtrend since 9th November, when the coin started to step down from the $53 level and has reached $33.7 at the time of writing today. The DOT/USD traded in a range of $35 to $32.8 today. The crypto pair reports a loss of more than six percent over the last 24 hours and a loss of 19.22 percent over the past week. The trading volume has also decreased today, but not much. However, the market cap has decreased by 5.49 percent.

Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is high for Polkadot, and the Bollinger bands are traveling downwards, which is not a good sign for the coming day. The lower limit of the Bollinger bands at $32.9 represents a support level for DOT to hold on, and the mean average at $41.9 represents the resistance zone for DOT, but it’s not relevant in the current scenario.

The relative strength index (RSI) has also stooped low to index 34. The RSI still maintains its downwards slope indicating the selling activity in the market. The moving average (MA) is present above the price level at the $38 mark.

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Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the price breakout was downwards from the start of today’s session, and most of the damage was observed during the first four hours. Thereon some bullish efforts were observed, but bearish pressure ruled out any bullish activity and continued the downtrend.

Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart has increased as the upper Bollinger band has reached $40 and the lower band is at the $31 mark, and the mean average of the Bollinger bands is forming at the $36 mark. The MA is present at the $34 mark, and the RSI still travels further low at index 33.

Polkadot price analysis conclusion

The Polkadot price analysis shows that the coin seems to be continuing the downtrend for today. If the price comes further down, then the next support zone is present at around the $31.6 level. However, traders can expect DOT to trade above the psychological mark of $30 for today.

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Polkadot Price Prediction: DOT bears threaten 19% downswing

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  • Polkadot price is vulnerable to a 19% decline after breaking below a critical support trend line. 
  • The layer-1 token is looking to test the reliability of key support levels before recovery could be expected.
  • DOT must hold above $32 to prevent further losses. 

Polkadot price action has been muted, as DOT has failed to galvanize investors’ enthusiasm. The layer-1 token continues to slide lower, recording lower lows and lower highs. The governing technical pattern suggests that the token is likely to tag $27 if a key support level fails to hold.

Polkadot price to test reliability of support

Polkadot price has sliced below the lower boundary of an ascending parallel channel on the daily chart, suggesting a bearish forecast ahead for the token. DOT could continue to slide lower as investors engage in a period of profit-taking. 

The first line of defense for Polkadot price is at the 50% retracement level at $32.74, then at the 200-day Simple Moving Average (SMA) at $28.81 which acts as a sturdy foothold as it coincides with the support line given by the Momentum Reversal Indicator (MRI).

However, if the aforementioned support fails to act as a reliable line of defense for Polkadot price, DOT could fall further to hit the bearish target projected by the governing technical pattern at $27.46, where the 61.8% Fibonacci retracement level also sits.

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If selling pressure eases, the bulls could be incentivized to push Polkadot price higher toward the first resistance at the 100-day SMA at $37.11. An additional spike in buy orders could see DOT tag the 38.2% Fibonacci retracement level at $38.02.

To prevent further losses, buyers should target the lower boundary of the parallel channel at $40.58 next. However, additional hurdles for Polkadot price may emerge at the 21-day SMA at $42.10, then at the 50-day SMA at $43.68.

DOTUSDT

DOT/USDT daily chart

If the bulls manage to reverse the period of underperformance, slashing through the aforementioned obstacles, Polkadot price could aim for the middle boundary of the governing technical pattern at $54.20, located near the MRI’s resistance line and the token’s all-time high.

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Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning

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  • Price has decreased up to $35.89 level.
  • Polkadot price analysis predicts downtrend.
  • Support is found at $34.47 position.

DOT/USD 1-day price chart: Price levels collapse to $35.9 as bears show consistency

A constant downward trend has been going on for the past couple of weeks, as the selling activity almost reached its peak point. The bears have been dominating the price chart for the past 24-hours as well, as the price went down up to $35.893 moment. The situation is turning more unfavorable for the cryptocurrency buyers, as DOT value is constantly decreasing. Moving on, the moving average indicator is dictating its value at $43.84 at present.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 1

Although the bulls are trying to find their way to recovery, the bears have been making their attempts unsuccessful. The volatility is unchanging, and the upper value for the Bollinger Bands Indicator is now at $53.22, and the lower value is at $34.47. The Relative Strength Index (RSI) score has declined up to 36.33.

Polkadot price analysis: Bulls succeed in rescuing price above $35.8

The four hours Polkadot price analysis predicts an uptrend as the price has undergone a sufficient improvement in the past few hours. The latest price movement is bullish, and the bulls have managed to escape the intensifying downtrend. The price is now at a much stable position, i.e., $35.88, and is expected to reach a further high point in the next few hours. The moving average value has moved down to $38.26, as the bears were leading earlier.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 2
DOT/USD 4-hours price chart. Source: TradingView

The increase in volatility suggests that the trends might shift soon because of bearish return. Nonetheless, the upper Bollinger bands value has reached $42.13, and the lower Bollinger bands value has moved down to $35.85. The RSI curve confirms the uptrend, and the score has been enhanced up to 35.60.

Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning 3
DOT/USD technical indicators chart. Source: TradingView

As the bearish momentum is getting stronger, a prominent rise in the selling activity has been going on for the past few months. The technical indicators chart is thus giving out a bearish signal. We can see that 13 indicators are at the selling level, ten hands are at the neutral level, and three are at the buying level.

The Moving Averages Indicator is giving out a solid bearish indication as well. A total of 12 indicators are on the selling side; two hands are on the buying side, while only one indicator is on the neutral side. The oscillators give a neutral hint as nine oscillators are on neutral point, whereas on the one hand, each is on the selling and buying points.

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Polkadot price analysis conclusion

The daily and hourly Polkadot price analysis gives a bearish hint as the price has undergone a massive decline today. The price is now settling at the $35.89 level and is expected to lower further in the next couple of days. On the other hand, the hourly price prediction supports the buyers as the price covered bullish movement in the last four hours.

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