Polkadot price analysis shows that DOT price is still in a bearish market as it declined to a low of $6.48. Polkadot price is struggling to break the $6.71 resistance level and it continues to face downside pressure. However, support for DOT exists at $6.48 and could potentially help prevent further downside in the price.
The bulls were in control at the start of today’s trading session but faced selling pressure in the later half. This can be attributed to the overall bearish sentiment in the market as the cryptocurrency continues to struggle with regulatory concerns and uncertainty.
DOT/USD 1-Day Price Movement: The Bears Are Putting More Pressure
Polkadot price analysis indicates that the price is trading from around $6.48 to $6.71 over the past few hours. The coin is down 1.85% in the last 24 hours and has a market cap of $7.25 billion and a trading volume of $3278 million.
DOT/USD 1-Day Price Chart, Source: TradingView
Technical signals are currently bearish for DOT. The RSI indicator is trading in oversold territory, which indicates that the price may see a rally in the near term. However, the MACD indicator is still in bearish territory and is currently declining. This indicates that the bearish momentum is still strong and the price may continue to decline in the near term. Bollinger Bands are currently widening, indicating increased volatility in the market.
DOT/USD 4-hours price analysis: price declined below the $6.71 resistance level
Hourly Polkadot price analysis is showing that the price declined below the $6.71 resistance and it is currently trading near the $6.48 level. The next level of resistance is at $6.71. And a break above this level could potentially lead to the $7.00 mark. On the other hand, support for DOT/USD is at $6.48 and a break below this level could take the price towards the $6.25 mark.
DOT/USD 4-Hour Price Chart, Source: TradingView
The 4-hours chart for DOT/USD shows that price has been in a bearish trend since the start of the day as the MACD indicator is declining and the RSI indicator is trading in oversold territory. However, as the MACD line is approaching a crossover with the signal line, the bulls could potentially see a reversal in the near future. The upper Bollinger band is currently at $6.70 and the lower band is at $6.48, indicating that the price may continue to move higher in the near term.
Polkadot Price Analysis Conclusion
To sum up the Polkadot price analysis, the price declined further to a low of $6.48 and is currently facing downside pressure. Both the hourly and daily technical indicators are bearish, indicating that the price may continue to decline in the near term. However, if the bulls can break the $6.71 resistance and sustain the price higher, a bullish reversal is likely.
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