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Polkadot

Polkadot price analysis: DOT faces rejection at $45, more downside to follow?

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  • Polkadot price analysis is bearish today.
  • Price has receded down to $43.
  • Support for DOT/USD is found at $41.2.

The Polkadot price analysis is bearish today as Dot declined further upside at $45. The price trend line for the DOT/USD pair has been upwards for the past month and the past week, as the cryptocurrency has gained a significant value over this period, and the price has improved tremendously. However, today’s downtrend can prove detrimental if DOT fails to get support at $41.2.

DOT/USD 1-day price chart: Bears drag the price down to $43 as selling pressure builds up

The 1-day chart for Polkadoyt price analysis shows the bears have dragged down the price from $45 to $43.4 today as the coin is trading at the later value at the time of writing. DOT still shows a gain of 1.6 percent in price value over the last 24 hours due to the bullish momentum of the last two days and a gain of 7.7 percent over the course of the last seven days. But the figures might soon change as the RSI has plunged down, and we might soon observe a downfall, and the gains may soon turn into a loss. However, the trading volume has increased by 72 percent over the last 24 hours.

Polkadot price analysis: DOT faces rejection at $45, more downside to follow? 1

The volatility is comparatively high, with the upper Bollinger band at $48 representing resistance for DOT, and the lower band is at the $33.3 mark representing the lowest support for DOT/USD. The mean average of the volatility indicator is at $40.7, which also represents support for the coin and may soon undergo a test. The price has stooped below the moving average (MA), indicating a bearish crossover.

The relative strength index (RSI) has dipped down to index 60, though still at a higher level; the movement curve shows an alarming situation and intense selling activity in the market, which is the major indication for the price to go further down. The RSI curve may become sharper in the coming hour, and the price may go below the psychological mark of $40.

Polkadot price analysis: Recent developments and further technical indications

The recent 4-hour Polkadot price analysis further authenticates our doubts as red candlesticks continuously appear on the 4-hour chart, indicating downwards price movement. The downfall seemed controlled in the beginning four hours but has gained pace in the last four hours. As can be seen, the last candlestick is comparatively much larger, indicating a steep plunge in DOT price.

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Polkadot price analysis: DOT faces rejection at $45, more downside to follow? 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is mild, but the price has also come below the volatility indicator’s mean average line, which is present at the $43.6 mark; this is another bearish crossover that took place in the last four hours after the bearish crossover of the MA. The RSI also provides reasoning for fear of a massive loss in DOT price, as it now shows a steeper downwards movement almost going vertically down, and the RSI has entered the lower half of the neutral zone at index 47.

Due to the great bullish momentum for the entire month, the technical indicators for Polkadot price analysis still favor the buying side with 13 indicators giving buy signals, including the MA and the EMA, and only three technical indicators show sell signals, including the MACD and momentum oscillators. However, 10 technical indicators stand neutral. As the price is falling fast, the EMA10 might soon signal a selloff.

Polkadot price analysis conclusion

The Polkadot price analysis shows the coin is under high selling pressure. The price has moved below the moving average on the 24-hour and 4-hour charts and also below the Bollinger bands average on the 4-hour chart, indicating strong bearish momentum. The RSI is also signaling a selloff. DOT may soon retest the support at $41.2, but if the support falters, the DOT will go below the $40 handle today.

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Polkadot price analysis: DOT to retest support at $27.2, as price steps down to $28.7

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  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $33.6.
  • Support for DOT/USD is present at $27.2.

The Polkadot price analysis is bearish today as a further decrease in price has been observed. The price has been devalued till $28.7 today as well after encountering extreme loss yesterday when the coin crashed from $33.7 down to $29.3 while swinging as low as $27 at a time. The DOT/USD has been on a downtrend since 5th November, and today it completed a month of being on the decline, setting a lower low for the last two months. Currently, the price had come below the consolidation level of the month of September before it started its journey towards the higher side.

DOT/USD 1-day price chart: Downside continues as market pressure still persists

The one-day Polkadot price analysis is showing a bearish trend for today as the price has been depreciated today as well. The bearish momentum has been continuing over the past few weeks, and today, the trend is the same. The price has been lowered to the $28.7 level after the latest drop. The moving average indicator (MA) is present at the $34.8 mark above the price level.

Polkadot price analysis: DOT to retest support at $27.2, as price steps down to $28.7 1

The Relative Strength Index (RSI) is present at index 28 in the oversold region, indicating unfavorable circumstances for DOT. The volatility has been on the higher side for a long time, and the situation is the same volatility-wise. The upper Bollinger band value is $45, whereas the lower Bollinger band value is $29, and the price is trading below the lower value. The Bollinger bands are maintaining an average of $37.

Polkadot price analysis: Recent developments and further technical indications

Yesterday’s drop in price has been quite damaging to the market value of DOT. The current price is still below the moving average, whose value is present at the $29 mark on the 4-hour chart. The price is going up once again as a bullish trend has been observed during the last four hours. Although the price recovered earlier for a brief period yesterday but decreased again, and the most recent trend is going in favor of bulls.

Polkadot price analysis: DOT to retest support at $27.2, as price steps down to $28.7 2
DOT/USD 4-hours price chart. Source: TradingView

The Bollinger bands indicator average has been maintained at $32, whereas the upper Bollinger band is showing a $39 value, and the lower band is showing a $25 value, representing high volatility range for DOT. The RSI curve is floating just at the borderline of the neutral and oversold zone at index 30.8, heading slightly up due to the last green candlestick, but still, the pressure seems to be there.

The price has been trading towards the downward direction if we see the DOT’S progress for the past month. This is why the technical indicators chart for DOT/USD is indicating a bearish trend, with only one indicator on buying position, eight indicators on neutral position, and 16 indicators on selling position.

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Polkadot price analysis conclusion

The Polkadot price analysis report shows a downward movement in price has been observed during the last 24-hours, which is a continuation of the bearish trend. The price has dropped down to the $28.7 level because of the constant downtrend that has been following for the past few days and took a steep plunge yesterday. The price might go lower in the coming hours as the last candlestick on the four hours price chart might also turn red, as the momentum is not there for bulls, and the RSI is indicating the same.

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Polkadot Price Analysis: DOT finds support at $24.35 after heavy selloff overnight

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  • Polkadot price analysis is bullish today.
  • DOT/USD dropped over 35 percent since the last high.
  • Support was found at $24.35 this morning.

Polkadot price analysis is bullish today as we expect recovery to follow after a quick reaction higher from the newly found swing low. Therefore, we expect DOT/USD to move higher later today and look to retest previous support as resistance at $33.

Polkadot Price Analysis: DOT finds support at $24.35 after heavy selloff overnight 1
Cryptocurrency heat map. Source: Coin360

The crypto market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 16.54 percent, while Ethereum 13.81 percent. Meanwhile, the rest of the top altcoins follow with an even bigger loss.

Polkadot price movement in the last 24 hours: Polkadot continues to decline, spikes below $25

DOT/USD traded in a range of $24.72 – $36.49, indicating strong volatility over the last 24 hours. Trading volume has spiked by 207 percent, totaling $2.83 billion. Meanwhile, the total market cap trades around $27.83 billion, ranking the coin in 9th place overall.

DOT/USD 4-hour chart: DOT starts to react higher

On the 4-hour chart, we can see the Polkadot price action finding strong support at $24.35 this morning, likely leading to swift recovery over the next 24 hours.

Polkadot Price Analysis: DOT finds support at $24.35 after heavy selloff overnight
DOT/USD 4-hour chart. Source: TradingView

Polkadot price has seen a steady decline over the past weeks. After the previous low at $33 was reached on the 28th of November, DOT/USD slowly retraced higher.

Another lower high was set around $39, leading to a slow decline again during the first days of December. After some consolidation on Thursday, DOT started to rapidly move lower Yesterday.

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The previous low at $33 was quickly reached and clearly broken, opening the way for a lot more downside. Overnight, strong selling pressure continued, taking the Polkadot price to a new low at $24.35. However, buying pressure has quickly returned since, likely leading DOT/USD to recover most of the loss over the weekend.

Polkadot Price Analysis: Conclusion 

Polkadot price analysis is bullish today as we saw a strong decline end with a quick rejection from the $24.35 mark. Therefore, we expect DOT/USD to regain the loss and move towards the previous low around $33 next.

While waiting for Polkadot to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Solana (SOL) vs Polkadot (DOT): Features and Perspectives

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Decentralized applications (dApps) have found their application in different directions: online games and virtual casinos to financial projects. A common problem for developers and users is the speed of the network bandwidth. The most common blockchain for dApps is Ethereum. However, the increased demand is overwhelming the platform. The race for performance leads to the emergence of new projects. Among such projects, Solana and Polkadot are the most popular. Let’s compare these projects and Polkadot with the DOT token vs. Solana with the SOL token.

Distinguishing Features of Solana and Polkadot

Solana cryptocurrency has many features that make it stand out among hundreds of other digital assets:

  1. The architecture is theoretically capable of processing up to 710,000 transactions per second. So far, a result of 60,000 operations has been achieved. But even this figure makes it one of the fastest videos to use.
  2. The network is designed so that it can easily handle growing workloads. Several technological innovations, including the original Proof-of-History protocol, make this platform a flexible and highly scalable tool.
  3. The project has made savings in audience size. In 2021, several hundred thousand users will be using the Solana network in November. Thanks to this, it was possible to maintain a low price for transactions within the system and in decentralized applications on the site’s platform.
  4. A high degree of compatibility is achieved by eliminating the need for users to deal with shards or second-level systems. Solana can interact with other crypto platforms as well.

Polkadot features that make this project stand out in the cryptocurrency market:

  1. Fast transaction processing by distributing operations across parallel parachains.
  2. It is based on a completely decentralized network—user control.
  3. Simplified creation and connection of DeFi services.
  4. High interoperability. It is possible to interact with all parachains that are included in the network. Free transfer of assets and any data is carried out.
  5. No need to hard forks to implement updates.
  6. Providing complete security for all blockchain projects connected to the network.

The Future and Prospects of SOL and DOT

Serious partners believe in the Solana project. For example, in early June 2021, Solana raised more than $ 314 million through a private token sale. Significant investments followed from Andreessen Horowitz. This firm once invested in other well-known projects (Skype, Facebook and Twitter).

Time will help to understand the platform’s applicability. As of July 2021, the system works in test mode, which does not cause failures. For example, the incorrect operation of the blockchain eight months ago led to the stoppage of all services for 6 hours.

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Polkadot is a promising digital currency that has not yet reached its maximum price because the project is under active development. In 2021, according to the Roadmap, ideas and services will be implemented that will positively affect the course. Large companies and developers will start buying tokens for free “slots” on parachains to become part of the decentralized ecosystem. This can lead to the growth of the system.

The outlook for dot vs solana depends on the amount of blockchain used. The number of their partners is growing. But so far, the projects remain at the level of a startup with good potential.

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