Polkadot Price Analysis: DOT Rejected at $6.00, Where Does the Price Go Next?

By November 18, 2022Polkadot
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Polkadot Price Analysis: DOT Rejected at .00, Where Does the Price Go Next?
Polkadot Price Analysis: DOT Rejected at $6.00, Where Does the Price Go Next? 1

TL;DR breakdown

  • Polkadot price analysis suggests a move down to $5.40
  • The next support level is at $5.60
  • DOT is facing resistance at the $6.00 level

Polkadot price analysis shows that the DOT price action has been rejected at the $6.00 level and has moved towards the $5.60 support level.

The broader cryptocurrency market observed negative market sentiment over the past 24 hours as most major cryptocurrencies saw negative price action. The major players include NEAR and DOT, which are down 0.83 and 0.61 percent, respectively.

Polkadot Price Analysis: DOT returns to $5.60

DOT/USDT technical indicators from Tradingview

The MACD is currently bullish, which is reflected in the green color of the histogram. However, the indicator shows a small bullish momentum, which is reflected in the low height of the histogram. Additionally, the lighter hue of the histogram suggests a waning bullish momentum and indicates that a bearish crossover is imminent.

The EMAs are currently trading near the mid-position as the net price action remains low over the past ten days. As the two EMAs continue to move horizontally, momentum would not increase on either side. On the other hand, the horizontal movement of both the 12 and 26 EMA indicates a lack of trading activity on either side of the market.

The RSI has traded in neutral territory for the past seven days since dipping into the oversold territory on November 10th. Currently, the indicator is trading near the middle position at the index unit level of 50.00 and it is hovering at 41.91. At press time, the indicator is not giving any signals while the falling edge shows low bearish pressure.

The Bollinger Bands are currently tight as the price action is observing minor volatility around the $5.75 level. At press time, the indicator’s final result offers support at $5.51, while the ceiling represents a resistance level at $6.00

Technical analysis for DOT/USDT

Overall, the 4-hour Polkadot price analysis is giving a sell signal, with 15 of the top 26 technical indicators supporting the bears. On the other hand, one of the indicators supports the bulls, which have shown a small bullish presence in the last few hours. At the same time, ten indicators are sitting on the fence, not supporting either side of the market.

Sharing this sentiment, Polkadot’s 24-hour price analysis is also giving a sell signal, with 15 indicators pointing to a downside move while two indicators point to an upside move. Analysis shows declining dominance on the medium-term charts, while there is little to no significant buying pressure on the asset over the same period. Nine indicators meanwhile remain neutral with no signals as of press time.

What to Expect from Polkadot Price Analysis?

4 hour price chart from Tradingview

Polkadot price analysis shows that after observing a sharp price drop to $5.40, DOT managed to defend the support level and the price recovered to $6.00. However, the bulls were rejected at the level and have retreated to the $5.66 level.

Traders should expect DOT to move towards the $5.40 support level. The suggestion is bolstered by bearish medium-term technicals that turn bearish near-term. However, if the bulls are able to defend the $5.60 level, the price should increase towards the $6.00 level instead.

Source : www.cryptopolitan.com

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