TL; DR Breakdown
- Most of the technical indicators suggest a negative DOT/USD trend.
- On the 24-hour Polkadot price analysis, DOT traded within a tight range, indicating that the DOT/USD market has low volatility.
- The Relative Strength Index (RSI) lies below that this is an indication of a bearish trend.
Polkadot price analysis: General price overview
Polkadot’s five-day price analysis chart suggests that the market is generally bullish as most candlesticks are red. However, the chart picked off with bullish momentum. The bulls were so strong that the bears tried to pull them downwards.
The Moving Average indicators show a bullish potential as the short-term indicator crossed above the 200- day Moving Average. The moving average lines consolidated at one point, meaning that the buyers wanted to enter the market.
ON the 5-day DOT/USD price analysis chart, The RSI was seen hovering towards the overbought region. This suggests that the market has generally been bullish in the past week. The long-term technical indicators show that the bull market that saw its way last month might continue through the year.
Polkadot price movement in the last 24 hours: Tight range price action
On the 24-hour Polkadot price analysis, DOT traded within a tight range that begins at a daily low of $32 and stretches up to a daily high of $34.2. The total number of DOT transactions was reduced by 39 percent to $2.9 billion per day.
DOT has a market dominance of 1.45 percent and a market cap of $34.3 billion. DOT is ranked #9 in the overall market.
DOT/USD 4-hour chart: Bears controls the market
On the four-hour price analysis chart, the DOT/USD is trading in a dangerous trend. The red candlesticks are more than the green candlesticks indicating that the market is bearish.
The Bollinger bands are narrow on the 4- hour price analysis indicating that DOT is experiencing low volatility. According to Polkadot price analysis, the DOT/USD price has crossed below the lower Bollinger band, indicating that the market is negative.
The seller’s dominance on the four-hour price analysis chart seems to have wholly outnumbered the bulls, and the bear trend might continue before the daily price analysis chart closes.
The MACD crossed the red line downwards, signaling a rigid bear momentum. The balance of power is negative, indicating the bears have more strength than the bulls as per Polkadot price analysis.
Polkadot price analysis: Conclusion
The RSI is in the oversold region; this suggests that DOT/USD will continue trading in a bear market for some time before the bulls gain momentum to push the price upwards.
The bears intend to break below the intraday lows and make the price dip further. If the seller breaks below the daily support, the price could drop below $25 in the next 24hours.
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