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TL;DR Breakdown
- Polkadot price is expected to fall to $21
- The closest support level is at $21
- Polkadot price faces resistance at $25
After climbing to the $32.0 mark, Polkadot price failed to continue its bullish rally and the price has stagnated ever since. While the buyers are trying to defend the price at just above $22, the bearish pressure is very strong and prevents the price action from rising to the $23.00 mark.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Dogecoin, and BNB that record a -15.51 and a -17.32 percent decrease respectively. Meanwhile Bitcoin and Ethereum record a -12.53 and a -14.85 percent decrease respectively.
Technical indicators for DOT/USDT
Across the technical indicators, the MACD shows strong bearish momentum as observed in the increasing size of the dark red histogram. The indicator did briefly dip into the bullish region on June 7th, but has grown bearish again and oscillates around the -1.4 mark. Across the EMAs, 12-EMAis trading below the 26-EMA with a steep slope and continues diverging while both EMAs fall.
The RSI is currently trading in the oversold region a little above the 24.00 mark and issues a heavy sell signal. The indicator has been trading in the oversold region since yesterday although it did briefly dip into the neutral zone today, it has gone in the oversold region again. Recently the RSI has had a small spike towards the oversold region suggesting a heavy bearish presence at the current price level.
The Bollinger bands at press time are wide however as the last few candlesticks are red the bands will converge in the immediate future. As the bears take charge of the market momentum, it will cause the volatility of the Polkadot price to decrease in the short term. Moreover, as the price is consolidating closer to the lower limit rather than the band’s mean line, the price will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 15 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only one indicator issue buy signals suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 15 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Polkdaot price?
Traders should expect Polkadot price to drop to $21 mark before making a comeback to challenge the $25 mark again.The short term indicators and the midterm indicators compliment this and suggest a bearish trend which is likely to go on until Polkadot price is ready to jump back and make another attempt at the $25 or even the $26 mark.
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.
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