Polkadot price analysis shows that the DOT/USD pair is facing a bear market as it slipped below the $6.00 mark. The key support level for the pair is present at $6.02, and if this level breaks, the pair may fall to the support level of $5.90. On the other hand, the resistance level is at $6.16, and if the bulls can push the price above this level, the pair might reach the resistance level of $6.30.
Polkadot appeared to be in a bull market as it was trading above the $6.30 mark. However, it looks like the bears have taken over as the price fell below the $6.00 mark. However, since then the token has been on a downward trend and has lost over 1.35% of its value. At the time of writing, DOT/USD is trading at $6.02 and facing a bear market. The digital asset market has faced great volatility in recent days, and DOT is no exception.
Polkadot Price Analysis on a Daily Chart: Adamant Bears Push DOT Below $6.08
On the 1-day Polkadot price analysis chart, we can see that DOT has formed a descending triangle. This is a bearish pattern and indicates that the bears are in control of the market. The price has been struggling to break out of the $6.16 resistance level for the past few hours and as a result, the token has started to decline. The 24-hour market volume for the pair is $147,823,844 while the market capitalization is $6,847,057,846.
The relative strength index for the pair is at 41.86 and is in the oversold zone, indicating that the token may come under buying pressure soon. The Moving Average Convergence Divergence indicator is in the bearish zone and indicates a continued downtrend. The Bollinger Band indicator shows that the price is near the lower Bollinger Band, which is a bearish signal.
4-Hour DOT/USD Price Analysis: Latest Developments
The 4-hour Polkadot price analysis chart indicates that the price is currently trading below the $6.16 level and may fall as low as $5.90 if the $6.02 support level is broken. The bulls attempted to push the price above the $6.16 resistance level, but they were unsuccessful. The upper Bollinger Band is currently at $6.16, while the lower Bollinger Band is at $6.02.
The Relative Strength Index for the pair is currently at 42.68 and is in the neutral region, indicating that the market could see some sideways action in the near future. The MACD indicator is currently in the bearish zone and the signal line is below the histogram indicating a continued downward trend.
Polkadot Price Analysis Conclusion
Polkadot’s price analysis reveals that the cryptocurrency is currently in a bear market, with the coin’s price covering downward ranges and trading at $6.08. The chances are there for a further drop as the price has moved lower over the past few hours. We expect DOT/USD to float above the $6.02 support level and may rebound to $6.16 in the near term. Technical indicators are currently bearish, and a breakout or rebound is expected before making any investment decisions.
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