- Polka dot is expected to drop to the $24.00 support level.
- The closest support level is $28. The cost of the project would be $26.
- The DOT is encountering resistance at the $20 level.
Polkadot’s price action failed to get above $37.00 and dipped below $30.00. Although the price currently remains just below the $30.00 level, the downward pressure is currently very strong and the price could fall even further if the sale continues.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. The major players that suffered losses were NBB and DOT, which fell 14.75% and 16.45%, respectively. Meanwhile, Bitcoin and Ethereum posted declines of 10.11% and 11.95%, respectively.
Technical indicators for DOT/USDT
Of all the technical indicators, the MACD is showing strong bearish momentum, as shown in the dark red histogram. The indicator made a bearish reversal yesterday and dipped below -1.200. The 26-day EMA is above the 12-day EMA, while both EMAs are falling.
The RSI is currently in the neutral zone just above the oversold zone at 32.00, but is not giving any signals. Last week the indicator was in the neutral zone, and since yesterday a downward movement of the indicator towards the oversold zone was observed, indicating a strong bearish impulse.
Currently the Bollinger Bands are wide, but in the near future they will converge due to the presence of continuous dark red candles. The convergence of the bands suggests less volatility in the price of Polka Dot, which is currently just below the $30.00 level. Meanwhile, when the price consolidates to well below the centerline of the bars, the bars will slope downward for the next few candles.
Overall, the technical analysis on the 4-hour chart gives a strong sell signal, with 16 of the 26 major technical indicators pointing to a downward move. On the other hand, only one indicator gives a buy signal, indicating bullish momentum. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The 24-hour technical analysis shares this opinion and also gives a sell signal: 14 of the 26 indicators point to a downward movement, while only three point to a rising momentum. Nine indicators remain neutral and give no signal at the time of writing.
What can you expect from Polkadot’s price?
Polkadot’s share price has fallen to the support level of $28.00. Although the DOT currently remains above this level, strong downward pressure could push the price lower. Technical indicators, such as the RSI, point to the possibility of another downward move, while technical analysis supports the bears. Therefore, traders should expect Polkadot’s price to fall to the $24.00 support level.
Conversely, if buyers defend the $28.00 support level, the next resistance is at $30.00.
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.
frequently asked questions
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