Polkadot price analysis shows that the DOT price remains in a bearish market, falling further to a low of $6.48. Polkadot price has been struggling to break the $6.71 resistance and continues to face downward pressure. However, there is support for DOT at $6.48, which may help stop the price from falling further.
The bulls took control of the market at the start of today’s session but faced selling pressure in the latter half of the session. This can be attributed to the overall bearish sentiment in the market as cryptocurrencies continue to struggle with regulatory issues and uncertainty.
DOT/USD 1-day price action: Bears under more pressure
Polkadot price analysis shows that the price has been trading between $6.48 and $6.71 for the past few hours. The coin is down 1.85% in the past 24 hours, with a market cap of $7.25 billion and a trading volume of $3.278 billion.
DOT/USD 1-day price chart, source: TradingView
Technical indicators are currently negative for DOT. The RSI indicator is trading in the oversold zone, which suggests that the price may rebound in the short term. However, the MACD indicator remains in bearish territory and is currently declining. This shows that the bearish momentum is still strong and the price may continue to decline in the short term. Bollinger Bands are currently expanding, which indicates increased market volatility.
DOT/USD 4-hour price analysis: The price fell below the $6.71 resistance
Hourly Polkadot price analysis shows that the price has broken below the $6.71 resistance and is currently trading around $6.48. The next level of resistance lies at $6.71. A break above this level could take the price towards the $7.00 mark. On the other hand, DOT/USD has support at $6.48, and a break below this level could lead the price towards the $6.25 mark.
DOT/USD 4-hour price chart, source: TradingView
The 4-hours chart of DOT/USD shows that the price has been in a bearish trend since the start of the day as the MACD indicator fell and the RSI indicator traded in the oversold territory. However, the bulls may see a reversal in the short term as the MACD line approaches a crossover with the Signal line. The upper Bollinger Band is currently at $6.70 and the lower one is at $6.48, indicating that prices may continue to fluctuate in the short term.
Polkadot price analysis conclusion
To conclude the Polkadot price analysis, the price has fallen further to a low of $6.48 and is currently facing downward pressure. Both hourly and daily technical indicators are bearish, suggesting that prices may continue to decline in the near term. However, if the bulls can break the $6.71 resistance and sustain higher prices, a bullish reversal is possible.
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Source of information: Compiled from CRYPTOPOLITAN by 0x Information.The copyright belongs to the author Editah Patrick and may not be reproduced without permission