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TL;DR Breakdown
- Polkadot price analysis is bearish today.
- DOT/USD is currently trading at $18.65.
- Support for DOT/USD is present at $17.9.
The Polkadot price analysis is bearish today, with the coin sinking as it has been correcting all day Monday. After being supported at $17.3, the bulls really started up after DOT reached $19 today, but selling pressure built when the price touched $19 and the decline resumed at $18.5 right now as the price hovers around $18.50. The next resistance is at $19.5, but the support is present at $17.9 below that. For more information on Polkadot, you can read our other article on it.
DOT/USD 1-day price chart: DOT to retest $17.9 as support
Polkadot (DOT) has been on a downtrend since it peaked at $23.62 on January 8th. The price is currently hovering around the $18 mark after breaking below the $19.5 support level.
The RSI is currently at 37, indicating that the market is in bearish territory. The MACD is also in bearish territory and is about to cross below the signal line.
The next major support level is at $17.9, followed by $16.7. Resistance levels are at $19.5, $21.2 and $22.9.
The downtrend is likely to continue as long as the price remains below the $19.5 support level. A break above this level could lead to a rise in prices to the $21-22 range.
The volatility in the market has caused Polkadot’s price to be very sensitive to news. For example, the announcement of the Tron Mainnet launch saw a rise in prices, while the postponement of the launch saw a decline.
This makes it hard to predict where the price will go in the short term, but we can still identify key levels that could act as support or resistance.
Polkadot price analysis: Recent developments and further technical indications
The price of 4 hour Polkadot was $20.7 when the bulls were in control and is likely to reach $21.5, according to our analysis. The bulls succeeded in pushing the price up to $19.5 but were unable to break through it.
The next resistance level is at $19.5, followed by $21.2. Support levels are at $17.9, $16.7 and $15.5.
The bullish momentum is likely to continue as long as the price remains above the $17.9 support level. A break below this level could lead to a decline in prices to the $16.7-15.5 range.
Polkadot (DOT) has been on a downtrend since it peaked at $23.62 on January 8th. The price is currently hovering around the $18 mark after breaking below the $19.5 support level.
The RSI is currently at 37, indicating that the market is in bearish territory. The MACD is also in bearish territory and is about to cross below the signal line.
Polkadot price analysis conclusion
DOT/USD is currently in a downward trend and is likely to continue to decline as long as the price remains below the $19.5 support level. The next major support level is at $17.9, followed by $16.7. Resistance levels are at $19.5, $21.2 and $22.9.
Source: www.cryptopolitan.com
