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Polkadot price analysis: Bears hinder price movement above $42.91 margin

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  • The price has gone below $41.44 level.
  • Polkadot price analysis predicts a downtrend.
  • Support is still standing at $38.05 mark.

The Polkadot price analysis shows the price is headed down once again as the bearish momentum has been revived in the past few days. A downward price movement was observed today as well, and the market is going into loss. The bearish momentum has proved to be quite overwhelming for the bulls, as they remained unable to achieve their proposed target. The price has taken an unexpected downturn to $41.44 and might move down to a new low in the coming week.

DOT/USD 1-day price chart: Reversal in trends downgrades coin value to $41.4

The one-day Polkadot price analysis is confirming that a downtrend has been at its peak for the past few days. The bearish resistance has been increasing with each passing day, and a constant reduction in price has been observed. The bears have been ruling the market this week, and have brought down the price levels to $41.44 edge. The current price is standing quite lower than its moving average (MA) ratio i.e. $42.91.

Polkadot price analysis: Bears hinder price movement above $42.91 margin 1

A substantial decrease in volatility has been observed in the last 24-hours, which is a relatively positive indication. The upper Bollinger band is now touching the $46.35 mark whereas the lower Bollinger band is present at the $38.05 position. The Relative Strength Index (RSI) score has been degraded to 53.22 as well.

Polkadot price analysis: Cryptocurrency value deflates to $41.44 as bears takeover

The price dropped down perilously low in the last four hours as the bears took control of the market. A constant devaluation in DOT/USD value has been taking place for the past few hours as the downward trend has been getting stronger. The bears have managed to take the price below the $41.44 level, creating disadvantageous circumstances for the buyers. The price is now below the moving average value as well which is at $42.71.

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Polkadot price analysis: Bears hinder price movement above $42.91 margin 2
DOT/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 curves resulted because of the significant fall in price as well. The Bollinger bands Indicator is dictating the following values in the four hours price chart; the upper value is $44.33 whereas the lower value is $41.22. The RSI score is now critically near the under-bought value and has dropped down to $39.77.

Polkadot price analysis: Bears hinder price movement above $42.91 margin 3
DOT/USD technical indicators chart. Source: TradingView

The technical indicators chart for DOT/USD is displaying a bullish signal, as the general overview of the price movements shows satisfying results. We can see 10 indicators present on both of the buying and neutral positions, while only six indicators are on the selling position.

The moving averages indicator is confirming the bullish win by giving a buying signal as well. There are a total of nine indicators present on the buying side, five indicators on the selling side, and one indicator on the neutral side. The Oscillators are giving out a neutral signal for the day as there are nine oscillators at a neutral level, one oscillator at selling, and one oscillator at buying level.

Polkadot price analysis conclusion

The one-day and four hours Polkadot price analysis is confirming that the price has undergone a decline during the day. The price is now touching the $41.44 mark, and it can be expected that it will move down to further lows in the approaching week. The hourly prediction is also supporting the sellers, as the price has been devalued in the last four hours as a result of bearish efforts.

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Polkadot price finds stable support that may help DOT resume bull run

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  • Polkadot price finds buyers at a primary support zone.
  • A three-week correction cycle is complete and resumption of the bull market likely.
  • New all-time highs are in sight.

Polkadot price has a very healthy-looking weekly Ichimoku chart, showing significant support. Compared to its peers, Polkadot price faces limited downside risks.

Polkadot price bounces, a renewed push towards $70 likely

Polkadot price recently ended  a strong sell-off triggered by a powerful cycle in Gann analysis known as Gann’s ‘death cycle.’ The ‘death cycle’ is a seven-week (49 to 52 day) cycle that Gann warned could terminate any move that showed persistent price movement at a high slope. Additionally, a three-week correction after the ‘death cycle’ is the most common reversion period.

Polkadot is trading against the most powerful support level combination possible on its weekly chart. The 2021 Volume Point Of Control and the weekly Kijun-Sen share the $33.50 value area, which is exactly where Polkadot has bounced. To now confirm a resumption of the prior uptrend, Polkadot price will need to return to and close above the weekly Tenkan-Sen at $42.00.

The Relative Strength Index shows some initial support against the first oversold level in the bull market (50). If 50 holds, then a bottom may be in for Polkadot. Additionally, the Composite Index has generated hidden bullish divergence – a condition that is often a precursor to a resumption of a prior bull market. 

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DOT/USDT Weekly Ichimoku Chart

Downside pressure and risks remain for Polkadot price, however. If the $33.50 value area fails as support, the next support zone to watch is the top of the Cloud (Senkou Span A) at $29.50. Any daily or weekly close below $29.50 could trigger faster and deeper selling pressure because the Volume Profile becomes thinner, the lower price moves. In other words, the lower Polkadot price moves below $29.50, the faster and easier it is for it to make further declines.

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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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