Polkadot’s price analysis for today shows that the cryptocurrency has fallen below the $7.00, signaling a possible downward price movement. Currently, DOT price support is at $6.68 with resistance at $7.14. However, if the bearish trend continues and breaks below the support level, further support can be found at the $6.40 and $6.00 levels and a break above the resistance could send the price towards the $7.40 level and hit $7.80.
Bulls took control of the market last week, pushing the DOT price above $7.50 before the bearish pressure set in. Analysis of the price of the polka dots down 1.60% in the last 24 hours with the current trading price of $6.93. In terms of market cap, Polkadot is currently ranked 12th with a market cap of $7.53 billion and 24-hour trading volume of $354 million.
4 hours DOT/USD chart: Polkadot sees more losses ahead of reversal
Polkadot’s 4-hour price analysis chart shows that the cryptocurrency broke below the uptrend line, indicating possible downside price action. The market is forming a candlestick with a high wick indicating strong bearish pressure. The upside could try to push the price back above $7.14, but downside pressure could continue to dominate in the short term.
The Relative Strength Index (RSI) is currently below 50, indicating that the downside momentum has overtaken the upside momentum. The trend line is currently trading below the 50 and 200 period moving averages. The Relative Strength Index (RSI) is currently at 61.34, indicating neutral market sentiment. The average Bollinger Bands indicator is $6.94 while the upper Bollinger Band shows a value of $7.25 and the lower band shows a value of $6.68, which represents a high volatility range for DOT.
Last 24 Hours Polka-dot Price Analysis: DOT/USD back below $7.00 level
Polkadot’s daily price analysis shows a downtrend for today as the price is also down today. The bearish momentum continued in the last 24 hours as the price was pushed down to $6.93 levels after the recent decline. The Moving Average (MA) indicator is above the price level at $6.69.
The Relative Strength Index (RSI) is in neutral territory at Index 57.72, indicating an unfavorable state for the DOT as the indicator’s downward trajectory indicates selling activity in the market, which is lowering its value. The upper Bollinger Band value is $7.16 while the lower Bollinger Band value is $5.64.
Conclusion of the Polkadot price analysis
In summary, our Polkadot price analysis shows a bear market trend, with the DOT trading at $6.93 after falling below the $7.00 level. The market may experience some selling pressure in the short term as the technicals are mostly bearish. However, buyers may try to push the price back above $7.14 in the near term but for now, the downside pressure is dominating the market.