Polkadot price analysis: Bulls lose ground as DOT slides to $23

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TL;DR

  • Polkadot price analysis shows a tug of war between the bulls and bears at $25
  • Thin gains over the weekend are pushing the price back into consolidation mode
  • Price slides below the 9-day moving average and lower end of Bollinger Band at $23.32
  • Bulls need massive volumes to prop up the price and move beyond $25.00 resistance
Cryptocurrency heat map by Coin360

As BTC/USD tumbled from a $38k resistance zone, most altcoins have responded similarly. The DOT/USD pair displays weakness after falling from $26.39 to touch the lower Bollinger Bands at $23.32. The bearish move does not carry much significance since Polkadot is already trading in a tight range between $26.40 to $22.00.

DOT is currently headed towards the $21.5 pivot point, which has held a strong support zone in the past few weeks. The same level holds the 23.6 percent Fibonacci retracement level from the downtrend line from May. As per Polkadot price analysis, the volumes depict typical weekend price action and are not helping the bulls chart a higher trajectory.

The most commonly observed moving averages are not yet impacted much as Polkadot is very much stuck in a tight trading zone. Most technical indicators show neutral readings. The chances of a breakout are slim as charts do not show any spikes in either direction according to Polkadot price analysis.

Polkadot price movement in the last 24 hours: Back within the bearish fold

Like most other altcoins, DOT has restricted its gains within the extremes of the Bollinger Bands. The rising price channel is now looking neutral with its upper ceiling capped under the $26.40 limit. Yesterday, the DOT revisited the $24.5 support region, and today, it has broken below the same. At the time of writing, the DOT/USD pair is at $23.32 and has lost yesterday’s ground.

Thin volumes and low liquidity are further aiding the selloff. So far, Polkadot has avoided any sharp selloff. There is decent support at around the $21 zone. If a sharp selloff does begin, the pair can slide towards the $21.4 support area where buyers will protect further fall in the price.

Daily charts display that the bulls can lend support near the $20 area and counter any aggressive bearish rally. The hourly timeframe also shows sideways trading, and an evening star candlestick pattern is emerging on the charts. However, the pattern’s upper limit is capped near $29 according to Polkadot price analysis.

DOT/USD 4-hour chart: Sideways trading hints at more consolidation

Polkadot price chart by TradingView

The evening star pattern hints at further consolidation or even reversal for the DOT/USD pair. Further studies in the Polkadot price analysis reveals that the pair’s sideways trading will only confirm more bearish rallies ahead, albeit on a smaller scale. The 50-day exponential moving average supports the pair alongside the 50-day moving average, both of which are currently trading above the price.

The RSI is approaching 44 and shows a downward slope which can disrupt the bullish plans. In addition, the MACD indicator is showing multiple overlapping cross-overs and confusing the picture. The upper limit at $26.50 has been tested multiple times on the hourly charts, and each time, the bulls have failed to cross this resistance zone. Such persistent weakness will only lead to more downturns shortly.

Polkadot price analysis conclusion: Dot heading to the lower support at $21

Current price trajectory confirms the bearish hold on the charts. The downward action is encouraged by the rapid fall towards the lower support areas of $21 and then at $20. The minor bearish crossover on the MACD indicator can trigger a selloff in conjunction with more bearish signals.

The sideways trend will only intensify selling as most large investors are sitting on the sideways. The immediate resistance lies at $26 and then at the $29.1 zone. After that, the uptrend faces stiff selling pressure from bears. Polkadot price analysis indicates that the bulls are defensive, considering they have consistently defended the $21 zone but haven’t launched an offensive past the $26.50 level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

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