TL; DR Breakdown
- Polkadot price is expected to fall to the $24.00 mar
- The closest support level lies at $28 and further below at $26
- DOT faces resistance at the $32 mark
After climbing to the $35.0 mark, Polkadot price failed to continue its bull rally, and the price has seen a steady decline and has dropped to just above the $29 mark. While the buyers defend the price at the $29 level, the bearish pressure prevents the price action from rising above the $30.00 mark.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple’s XRP, and BNB that record a 7.78 and a 5.66 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a 1.12 and a 4.26 percent decrease, respectively.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly. Across the EMAs, the 26-EMA still trade above the 12 EMA; however, the difference between the two is negligible, and they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little below the 36.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has again had a small spike towards the overbought region, suggesting bullish momentum and that the buyers are fighting back.
The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the Polkadot price. Meanwhile, as the price is consolidating below the bands’ mean line, the price may show a bearish reversal at any time.
Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issues a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 13 of the 26 indicators suggesting a bearish movement against only seven indicators which suggest a bullish momentum. Meanwhile, six indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Polkadot price?
Traders should expect Polkadot price to continue its downwards movement as the price crashes towards the $24.00 mark. The recent rejection at the $32.00 mark has caused the Polkadot price to face further selling pressure causing it to fall to the $28.00 mark. The short-term indicators are bearish, and the mid-term technical analyses have also exhibited bearish crossovers suggesting further downwards movement.
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