DOT Price Analysis: Polkadot Price stalling at the current price levels

By October 20, 2022Polkadot
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DOT Price Analysis

•DOT/USD is currently priced at $6.13 and has decreased by 1.41% over the past day

•The technical indicators suggest a neutral outlook for the near term

•The trading volumes have increased by 17.75% over the past day

Short Term View: Polkadot consolidates as bears remain on the lookout

Source: DOT/USD by TradingView

The Polkadot price today is $6.13 USD with a 24-hour trading volume of $221,574,906 USD. Polkadot is down 1.41% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.03182 for the altcoin, reflecting the weak sentiment prevailing in the market.

In Nov 2021, Polkadot price reached the high of $55.00 before decreasing. The altcoin has failed to break out above that peak, after going through a series of corrections and downturns. Polkadot is currently showing indecisiveness as it trades below the 20, 50 SMA on the four hour chart. The all-important support for the altcoin is placed at the $50 mark. A break above $60 is needed to reverse the short-term downtrend, but slowing momentum suggests price weakness could persist into the next couple of weeks.

Long Term View for Polkadot Price

Source: DOT/USD by TradingView

The technical indicators for Polkadot suggest weakness persisting in the altcoin as the RSI is currently transacting at 41.80. The green histograms are stagnant on the daily MACD chart as Polkadot struggles to attract the requisite number of buyers to stage an uptrend. On the other hand, the MACD and signal lines continue to transact in the negative zone which depicts indecision amongst the investors in the market. Hence, Polkadot is likely to undergo a period of consolidation before further upside can be expected in the altcoin.

Conclusion

Polkadot is currently in the midst of a downtrend after a phase of stagnation for the past two or three weeks. Buyers will likely remain on the sidelines until oversold conditions materialize, with the Polkadot price continuing to fall.

Support: $50

Resistance: $60

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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