Polkadot Price Analysis: DOT/USD Drops
Polkadot price analysis shows that the coin barely crashed as the market plunged today. Since the start of today, DOT has been on a downtrend as the bulls failed to hold the support at $5.91. The coin is currently trading at around $5.69, marking a drop of over 2.37% over the past 24 hours.
The market has been bullish for most of this week, but it seems that the bulls have heaved a sigh of relief with the market fall today. There is strong support at $5.54, and many analysts believe this level to remain in the near term. However, if DOT breaks below $5.54, it could find further support at $5.27, or $4.90, if the bears are in control.
Polkadot Price Analysis on Daily Chart: Prices are in control as price struggles near $5.69
The 1-day price chart for Polkadot price analysis shows that the coin was showing a bearish trend for the past 24 hours, but bearish pressure began to build higher and peaked as the price is now at $5.69 at the time of writing. doing business. DOT/USD has a 24-hour trading volume of $367,161,614 and a market cap value of $6.48 million at the moment.
DOT/USD 1-Day Price Chart, Source: TradingView
The upper band of the Bollinger Bands rests at the $5.91 level, which is a very strong resistance while the lower band lies at the $5.54 level, which is a very strong support. Bollinger Bands appear to be too broad due to the high-sell action experienced in the market. moving average has also started declining below the $6.33 mark.
The Relative Strength Index (RSI) is also trending lower since yesterday and is almost near the oversold zone boundary. The RSI index is trading lower at 52.46 as selling pressure is over the bears but has not touched the oversold area yet.
Polkadot Price Analysis: Recent Developments and Further Technical Signs
The 4-hours price chart for Polkadot price analysis shows that the coin found support at $5.54, as the price declined further from this point. The price has been raised to $5.69. The rise is comparatively very small, but the last green candlestick is bullish to believe that the price is still holding its level.
Polkadot Price Analysis Conclusion
Volatility is also higher on the 4-hours chart, even higher than the daily chart, and the lower end of the Bollinger Bands shows more divergence at the moment due to a heavy downtrend. The lower border of the Bollinger Bands is now near the $5.36 mark as bulls face off. After dipping into oversold territory today, the RSI curve has also turned upwards due to the recent bullish support found. However, the RSI is still trading at 24 in the oversold zone.
Polkadot price analysis shows that the price is at the lowest level after the massive crash. The charts are showing some down signals in the short term, but looking at the longer term indicators, we can see that DOT may find support and stabilize in the near future. The market is likely to remain volatile over the next few days as traders try to gauge the direction of this new currency.
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Trading Volume: Sustained volume both during the uptrend and the current downtrend. This shows that market participants have taken quite an interest in DOT recently.
RSI: The daily RSI has made a higher high during the rally, which is a strong bullish signal. However, after the rejection at $33, the RSI is falling. This can quickly change as soon as DOT finds support.
MACD: The daily MACD is bullish, but the histogram is making lower highs after the rejection at $33. This is not concerning as long as the moving averages don’t do a bearish crossover.
Short-Term Prediction for DOT Price
DOT had a very nice recovery last week after falling for over 40 days. It is important for the price to return to the uptrend after this correction, as otherwise, the top at $33 could be interpreted as a lower high within a larger bearish trend.