- Polkadot price analysis is bearish today.
- DOT/USD rallied back to $46 resistance.
- Bullish momentum likely exhausted.
Polkadot price analysis is bearish today as the market has approached major resistance at $46 after a strong rally earlier today. Therefore, we expect DOT/USD to retrace and set another higher low.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 2.34 percent, while Ethereum 3.3 percent. Meanwhile, Polkadot (DOT) is among the top performers, with a gain of almost 10 percent.
Polkadot price movement in the last 24 hours: Polkadot sets higher low, moves to $46 previous high
DOT/USD traded in a range of $41.13 – $45.53, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 37.87 percent and totals $1.69 billion, while the total market cap trades around $44.75 billion, ranking the coin in 8th place overall.
DOT/USD 4-hour chart: DOT to reverse below $46?
On the 4-hour chart, we can see a quick move to the $46 resistance, likely selling pressure will increase over the next hours, moving the market lower again.
Polkadot price action has seen strong bullish momentum in October. A series of higher highs and lows were set from the previous significant swing low at $26 until the $46 mark was reached.
Since then, DOT/USD has struggled to continue higher, forming a double top before spiking below $40 on the 27th of October. The following reaction set a lower high around $44.4, indicating bearish momentum forming.
However, a higher low was also set, indicating bullish momentum. Polkadot price action broke past the local swing high earlier today, confirming bullish momentum. Likely, DOT/USD will set another higher low over the next 24 hours before attempting to break the $46 major resistance.
Polkadot Price Analysis: Conclusion
Polkadot price analysis is bearish today as the $46 mark has been reached again this morning. Therefore, we expect another retracement for DOT/USD in preparation for a breakout later this week.
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Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed
- 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.
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.
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.
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.
Polkadot Price Prediction: DOT bears threaten 19% downswing
- 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.
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.
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.
Polkadot price analysis: DOT value depreciates below $35.89 as bears continue winning
- 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.
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.
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.
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.
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.