TL;DR Breakdown
- Polkadot price analysis is bearish today.
- Resistance for DOT/USD is present at $18.1.
- Support for DOT/USD is present at $15.7.
The Polkadot price analysis is bearish as the cryptocurrency has undergone another large sell-off today. The recent bearish slide has damaged the value of the coin, as the bearish momentum has been resurrected in recent days. Today, the downward trajectory of price function appears to be heading straight down as the market has turned completely bearish. The cryptocurrency has lost some value today, as the coin price is down to $15.7, which is a fall of just under 5%.
Today, the market has been quite slow regarding price action across most of the markets as there appears to be a lack of volatility at this time. Despite this, however, it is important to analyze trends and patterns within the cryptocurrency to make sense of any upcoming events that may affect the value of the coin.
DOT/USD 1-day price chart: Downsweep pushes coin value to $16 boundary
The cryptocurrency had experienced a surge in value at the very beginning of last month but lost around 30% of its initial value later on. Nonetheless, the cryptocurrency could recover some ground in recent weeks, so there is no saying whether or not it may do the same again.
Additionally, this particular altcoin was one of the worst-performing cryptocurrencies at the back end of last month, so its price went down significantly. However, it has managed to regain some value since then, but it appears that all of those gains have been eroded by the intense bearish pressure that has taken over the market.
As this cryptocurrency is in a very similar position to where it was last month, there is no saying whether or not its value could drop again later in the week after experiencing another slump this afternoon. Alternatively, if this cryptocurrency does manage to rise again, its value could potentially rise due to the recent positive sentiment that many investors have adopted.
Nevertheless, this market is still performing poorly now, and it remains to be seen whether or not the downward trajectory will continue to move forward. Overall, even though there is a lot of resistance present at this price point for the market, it is certainly possible that this cryptocurrency will surge in value later on in the year.
DOT/USD 4-hour chat: Recent price developments
On the other hand, the sellers took control of the price after an hour. The beginning of the trading session saw a fall in price for Polkadot. Overall, yesterday’s bulls attempted to halt the slide early on, but the bears remained strong and now appear to be advantageous for them. With a bitcoin value of $16.8, the price is about three dollars from yesterday.
Currently, there is significant support at $18 and resistance under $19 for this period. Although the short-term value of the cryptocurrency is not in a particularly promising position, it will be interesting to see whether or not this particular market can make its way back up towards $20 once again with any incoming positive price developments. Overall, most cryptocurrencies are down at this point, and it isn’t easy to make sense of the market like last month.
The last three trading sessions have seen a bullish trend developing for this particular cryptocurrency, and at the time of writing, it seems as though this trend is still in its early stages. The entire market has seen a significant value loss over the past few months, which has had an adverse effect on almost every single coin present within this industry.
The RSI Â has been struggling to move above the 50 lines, so it is clear that there is a lack of bullish momentum taking place. This could be due to the recent market instability, which has caused many investors to remain on the sidelines. In addition, most cryptocurrencies have been unable to recoup any ground following the latest slump in value over possible DOT/USD prices in the coming days. This particular cryptocurrency has been on a downward trajectory for some time now. There is a chance that this market could make its way back up towards $20 very soon, depending on any incoming market developments.
Polkadot price analysis: Conclusion
The Polkadot price analysis reveals that the price has fallen significantly throughout the day. The DOT/USD price is now at $16.8, the lowest mark in seven months, and can be expected to go even lower in the coming hours.
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