Polkadot price analysis: DOT loses value at $5.56

By November 19, 2022Polkadot
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Polkadot price analysis

TL;DR Breakdown

  • Polkadot price analysis indicates a downtrend in the market
  • Support for DOT prices lies at the $5.54 handle
  • Polkadot is facing resistance at the $5.74 mark

The Polkadot price analysis for November 19th, 2022, reveals the market following a bearish movement, obtaining some negative momentum, signifying a loss of positivity for the DOT market. The price of Polkadot has remained negative over the past few hours. The previous day’s market was on a bullish trend and the price was looking like moving above the long-term level of $5.74, but due to some bearish pressure on the market, it dropped down from the $5.74 handle and is currently trading at a value of $5.56.

The current price of Polkadot is $5.56, with a trading volume of $125,879,616. Polkadot has been down 2.35% in the last 24 hours. Polkadot currently ranks at #11 with a live market cap of $6,318,259,648.

DOT/USD 4-hour price analysis: Latest developments

The Polkadot price analysis reveals the market’s volatility following a dormant movement. This means that the price of Polkadot is becoming resistant to undergoing variable change on either extreme. The upper limit of Bollinger’s band is present at $5.84, while the lower limit of Bollinger’s band is present at $5.51.

DOT/USD 24-hour price chart, source: TradingView

The DOT/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to be dominated by bears. The DOT/USD price appears to be moving toward the support, potentially reversing the movement soon if the price breaks the support.

The Relative Strength Index (RSI) is 42.49, showing a relatively stable cryptocurrency stock. This means that the cryptocurrency falls in the lower neutral region. Furthermore, the RSI appears to move downward, indicating a decreasing market. The dominance of selling activity causes a declining RSI score. The RSI indicates depreciating features that could potentially reverse the market dynamic if it falls too much. This can be considered an opening for the bulls if they capture this opportunity.

Polkadot price analysis for 1 day: DOT shows negative signs

The Polkadot price analysis reveals the market’s volatility following a declining movement, which means that the price of Polkadot is becoming less prone to experience variable change on either extreme. The upper limit of Bollinger’s band is present at $7.21, while the lower limit of Bollinger’s band is present at $5.08.

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

The 4-hour Moving average is currently at $5.72, indicating that the market is heading toward a total loss of value. The trend seems to be dominated by bears and there is a large depreciation in the price of Polkadot. This could be an indication that the bearish momentum on the market might continue if prices break below the $5.54 support level. In addition, the Relative Strength Index (RSI) is currently at a score of less than 44.72, which indicates that the market is oversold and might see a reversal in price. The RSI seems to be moving downward, indicating a continuing negative movement.

Polkadot price analysis conclusion

The Polkadot price analysis reveals the cryptocurrency follows a downward trend with much room for activity on the negative extreme. The market’s current condition appears to be very unpredictable, as it shows potential to move to either extreme.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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