Polkadot price analysis: DOT to step into the $21 range as it continues lower at $22
https://ift.tt/3rxf6zS
TL;DR Breakdown
- Polkadot price analysis is bearish today.
- Resistance is present at $23.6.
- Support for DOT/USD is found at $21.4.
The Polkadot price analysis is bearish as the coin suffered loss today as a continuation of the bearish trend for the fifth day. The DOT has been losing value critically since 17th January after getting rejected at $27.7. The price function has been continuously downwards since then, and as a consequence, the price has stooped to the lowest level after 12th August 2021, and further damage is also expected.
DOT/USD 1-day price chart: DOT to step into $21 range
The 1-day Polkadot price analysis shows the coin value has further decreased today. The DOT/USD crypto pair is trading hands at $22 at the time of writing, and there are imminent chances for the price to reduce to the $21 range today. The DOT has lost a value of more than nine percent during the last 24 hours and has lost a value of more than 16 percent over the past week. The market cap has decreased by 9.24 percent, but at the same time, the trading volume has increased by 149 percent over the past day.
The volatility is again on the increase for the coin as the Bollinger bands started diverging again, but the bad news is the lower band is turning downwards, and the upper band is maintaining its position. The upper limit of the indicator is at $30, representing the resistance level, and the lower limit is at the $21.7 mark representing support for DOT, making an average at the $26 mark.
The relative strength index (RSI) is on a downwards slope at index 35, nearing the strong bearish range. As the RSI continues to fall, it shows the high selling activity in the market.
Polkadot price analysis: Recent developments and further technical indications
The 4-hour Polkadot price analysis shows The steep decline in price levels started during the last eight hours of yesterday’s trading session and bears kept the price breakout downwards at the start of today’s trading session as well. Some bullish activity was also observed when the bulls rejected further downside below $22 and uplifted the price to $22.4. However, the bearish trend came back, and the price has been again decreased to $22, and a further decrease in price is also expected in the coming hours.
The volatility on the 4-hour chart is high as the Bollinger bands are expanding, with its upper band at $26 and the lower band is at the $21.9 mark, which now represents support for the DOT/USD. The mean average at $24 represents resistance on the 4-hour chart as the price is trading between the mean average and the lower band. The RSI shows horizontal movement indicating a slow down in selling activity as it is hovering at index 30. But as the RSI levels are too low, it shows the price function is under extreme bearish pressure.
Polkadot price analysis conclusion
The Polkadot price analysis suggests the crypto pair is under bearish pressure as the price has decreased way too low during the last five days, and as the RSI is just at the border of the undersold range, we expect DOT to retest $21.4 support in the coming hours.
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
