DOT/USD to decline further if the sellers break the $17.7 support
https://ift.tt/xGVHUCI
TL;DR Breakdown
- The Polkadot price analysis is strongly bearish.
- Resistance for DOT is present at the $19.7 level.
- Support for DOT is present at $17.7.
Polkadot price analysis reveals a substantial drop in price, with prices plummeting suddenly. Since April 4th, when the price trend line was steadily dropping, the bears have been attempting to pull the value lower than $18.06; they’re fighting desperately to bring it down any further.
The bearish trend has continued today, as the sharp decline that began at the conclusion of the previous trading session continues, and the price levels have fallen below the lower limit of the volatility indicator, which is a concerning development for cryptocurrencies. The next support lies beneath DOT at $17.7, which is near but already inside the lower envelope.
DOT/USD 1-day price chart: DOT is yet to find support
Polkadot price analysis shows that the market is still in a bearish trend as the price levels are currently falling. The cryptocurrency has been trying to form a higher low around $18.70 but failed to do so and started to decline again today.
The price levels have already fallen below the $18 mark and are now trading near the $17.70 support. The market is likely to see a further decline if the price levels break below this support.
The moving averages are still in a bearish crossover, which is a sign that the market is still in a bearish trend. The RSI indicator is currently at 36 and is showing no signs of a bullish reversal yet.
DOT/USD 1-day price chart. Source: TradingView
The Bollinger bands are also crucial in determining market trends, and the indicator is currently displaying more volatility for the crypto pair as the upper band has risen to $23.9 while the lower band has dropped to $18.4, indicating that the price is increasingly unstable. The price has plummeted below the lower band, which is a worrisome scenario for buyers.
The MACD indicator is currently in the bearish zone as the signal line has moved below the histogram. This is a sign that the market is still in a bearish trend, and further decline is expected in price levels.
Polkadot Four chart: Recent price developments
Polkadot price analysis chart reveals that the market is still in a bearish trend as the price levels have fallen below the $20 mark. The cryptocurrency is currently trading at $18.87, and a further decline is expected if the price levels break below the $17.7 support.
The moving averages are in a bearish crossover, which is a sign that the market is still in a bearish trend. The RSI indicator is currently at 30, and it is showing no signs of a bullish reversal yet.
The Bollinger bands are also crucial in determining market trends, and the indicator is currently displaying more volatility for the crypto pair as the upper band has risen to $22.8 while the lower band has dropped to $18.5, indicating that the price is increasingly unstable. The price has plummeted below the lower band, which is a worrisome scenario for buyers.
The MACD indicator is currently in the bearish zone as the signal line has moved below the histogram. This is a sign that the market is still in a bearish trend, and further decline is expected in price levels.
DOT/USD 4-hours price chart. Source: TradingView
The market is still in a bearish trend as the price levels have fallen below the $20 mark. The cryptocurrency is currently trading at $18.87, and a further decline is expected if the price levels break below the $17.7 support. The moving averages are in a bearish crossover, which is a sign that possible bearish continuation.
Polkadot price analysis: conclusion
Polkadot price analysis reveals that DOT/USD is likely to continue its decline if the $17.70 support is broken. The market is expected to find some buyers around this level, but if the support does not hold, the price levels may drop to $16.60.
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.
Cryptocurrency
