Polkadot price analysis for today shows that the currency has been under strong bullish influence in recent days, which is pushing prices higher. However, at the time of writing, there has been a significant price pullback with DOT falling to $5.30 in the market. The bear market opened at $5.37 and has seen a steady decline since then.
There is strong resistance at $5.49, which could prevent further gains in the near term. However, if the market is able to break this level and establish support above it, we may see prices start to recover in the coming days. Meanwhile, key support levels are at $5.26, which is the lowest price point the market has seen in the last week.
1-day DOT/USD price chart: Bears take control as DOT/USD breaks key support at $5.26.
Polkadot’s daily price analysis shows that the market is heavily influenced by bearish forces. As a result, DOT/USD has been steadily declining over the past 24 hours and has broken several key support levels along the way. At the time of writing, DOT/USD is trading at around $5.30, almost 3% below its opening price of $5.37. The 24-hour trading volume was also relatively low as it currently stands at $1.7 million with a market capitalization of around $563 million.
The exponential moving average has been trending lower in recent days as the market sees increased downward momentum. The RSI is also moving lower, indicating growing bearish power in the market. The MACD is also in bearish territory as the signal line is moving lower and we may see further declines in the near future.
4-hour DOT/USD price chart: price action expected to remain bearish
The hourly price action suggests that Polkadot price analysis may continue to decline in the near term. The price has been on a downward trend in recent hours and is currently hovering just below the $5.30 level. There is also a growing bearish crossover between the MACD and the signal lines, indicating further declines in the near future.
The RSI has also moved into bearish territory, indicating that downside pressure may increase ahead. Currently, the RSI is at 50.06, which suggests that the market is still in the oversold zone. The 50-day EMA is currently at $5.45, which could serve as key support in the near term, while the 100-hour EMA is currently at $5.65, which could offer some resistance. market.
Conclusion of the Polkadot Price Analysis
According to this Polkadot price analysis, it is clear that the currency is facing strong bearish forces and is likely to continue lower in the coming days. However, as some key support levels have already been breached in the market, it may be difficult for DOT prices to recover in the near term. As a result, we can expect bears to continue to dominate price action in the short term.
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.