Polkadot price analysis: DOT stuck in a downtrend, needs to break trendline to form an uptrend

By November 9, 2022Polkadot
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Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis appears to be bearish
  • Support for DOT/USD is present at $5.95
  • Resistance for DOT/USD is currently at $6.94

Polkadot price analysis is bearish for today as DOT remains stuck in a downtrend. The cryptocurrency needs to break above the trendline to form an uptrend and see any significant upward movement. Support for DOT/USD is present at $5.95, with resistance currently at $6.94. To see any bullish potential, Polkadot will need to break above the resistance and continue to climb higher.

The cryptocurrency saw a slight increase in price last week, and also yesterday. However, these increases have not been enough to break the overall downtrend. Currently, Polkadot is being traded within its range between $5.95 and $6.94 support and resistance levels.

DOT/USD 1-day price chart: Support at $5.95 is limiting uptrend for Polkadot price

The 1-day price chart for Polkadot price analysis shows the downtrend that DOT is currently stuck in. The cryptocurrency has been unable to break above the downward trendline, indicating that bears are still in control of the market. However, support at $5.95 is limiting any further drops and keeping Polkadot from entering into a deeper downward spiral. The DOT/USD has lost 5.95% in the past 24 hours, currently trading at $6.26, having a market cap of $7,120,089,170, and a trading volume of $853,593,973.

DOT/USD 1-day price chart, source: TradingView

The moving averages shown on the 1-day chart are bearish as the 50-day moving average has crossed below the 200-day moving average. This indicates that the market is in a bearish phase, and the prices are likely to continue to fall. The Relative Strength Index is at 56.40, and is close to the oversold zone, which indicates that the prices are likely to see a bounce back in the near future. The Bollinger bands are also close to each other, which indicates that the market is consolidating and a breakout is likely to happen soon.

DOT/USD 4-hour price analysis: Latest developments

The hourly chart for Polkadot price analysis shows that the price has been consolidating within a triangle pattern, indicating indecision in the market. Polkadot price analysis on the chart below shows that the token broke out from an ascending channel, but quickly lost the upward momentum and fell back into the channel.

DOT/USD 4-hour price chart, source: TradingView

Currently, DOT/USD is trading at $6.26, below both the 50-period and 200-period moving averages which shows that bears are in control of the market in the short term. The RSI is at 44.82, indicating that it is neither oversold nor overbought. In terms of recent developments, The upper Bollinger band is at $7.41, and the lower band is at $6.07, indicating that the market is currently experiencing low volatility.

Polkadot price analysis conclusion

To sum up the Polkadot price analysis, the cryptocurrency remains stuck in a downtrend and needs to break above the trendline to form an uptrend. However, support at $5.95 is limiting any further downward movements. In terms of recent developments, Overall, it appears that bears are in control of the market in the short term.

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