- Polkadot’s share price is expected to fall to the $32.00 level.
- The closest support is at $33.00.
- DOT meets resistance at $34
After Polkadot finally broke through the $34.50 mark, it failed to continue its upward movement and the price fell just below the $33 mark. Although the price remains just under $33 at press time, the downward pressure is building and the price could fall further in the near term if the sale continues.
The broad crypto-currency market has enjoyed bullish sentiment over the past seven days, with most major crypto-currencies posting gains during this period. The key players were DOGE and ADA, which rose 6.69% and 4.34% respectively. Meanwhile, Bitcoin and Ethereum posted gains of 0.69% and 10.01%, respectively.
Technical indicators for DOT/USDT
Technical indicators for DOT/USDT from Tradingview
Of all the technical indicators, the MACD shows a decline in bullish momentum. At the time of writing, the histogram is still green, but its size has shrunk significantly, while the price struggles around 0.40. Although the 12-EMA is still above the 26-EMA, the difference between the two is negligible and they could show a reversal at any time.
The RSI is currently hovering in the neutral zone just below the 52.00 level and giving no signals. Last week the indicator was in the neutral zone. While the RSI has risen slightly into oversold territory, indicating a decline in upside momentum.
The Bollinger Bands are currently wide but are converging quickly as bears take over the market dynamics. The convergence of bands implies lower volatility for the polka dot price in the short run. However, if the price consolidates above the centerline of the bars, they will be on the upside for the next few candles.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 10 of the 26 major technical indicators supporting a bearish move. On the other hand, only seven indicators are giving buy signals, indicating bullish momentum. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The 24-hour technical analysis shares this assessment and gives a weak sell signal. 10 of the 26 indicators point to a bearish move, while only six point to a bullish move. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.
What can you expect from Polkadot’s price?
Polka Dot has recently deviated to $34.00, which is a lower high for asset price action. The bulls’ attempt at a rally has been negated by pressure from sellers and Polkadot’s price action looks set to go down again. Medium-term technical analysis remains bearish, while short-term indicators also point to a crossover. Traders should therefore expect a drop to $32.00.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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