DOT/USD price consolidates around $16.44, bears are still winning

TL;DR Breakdown

• Polkadot price analysis indicates a bearish trend
• Support is present at $16.10
• Polkadot’s current price is $17.44

Polkadot price analysis shows a bearish trend for DOT/USD pair. The pair is expected to move downwards and reach the support level at $16.10 within the next 24 hours. Polkadot’s price has been hovering around the range of $16.40-$17.00 in the past few days. The current price is at $17.44 and is expected to move downwards in the next 24 hours.

Polkadot prices in the last week have shown a sideways trend, with the prices bouncing off the support and resistance levels. The current price is very close to the support level and a break out downwards is expected in the next 24 hours. The trading volume has however has increased by 22.24 percent, with Polkadot currently ranking position 12 in overall digital assets.

The next support level is at $16.10 and if the bears continue dominating, the prices may reach this level within the next 24 hours. On the other hand, if the bulls will try to recover the market, a breakout upwards is possible.

Polkadot price action in 1-day price chart: Bulls are stumbling to recapture the market

Price is retesting the $16 support on the 24-hour candlestick chart for Polkadot price analysis. A break below this could see the price fall to $15.50 next. Polkadot is currently ranked 12th in terms of overall market cap value for digital assets. The RSI is at 38.5, indicating that the market is still in overall bearish territory.

The MACD has turned bearish and is currently below the signal line. The 24-hour volume has increased by 22.24 percent and is currently sitting at $4.8 million. The EMAs are also sloping downwards and are indicative of a continued bearish trend. Moreover, the Bollinger bands are indicating low market volatility as they seem to be contracting. The next support level for the Polkadot price analysis is at $15.50 and a break below this could see the prices fall to $14.00.

Polkadot price analysis on the 4-hour chart: DOT/USD in consolidation as $16.0 support is retested

The 4-hour chart for Polkadot price analysis shows that the prices are currently retesting the support level at $16.00. The MACD for DOT is now in the oversold zone, with a negative crossover and bearish divergences. However, the price is expected to test the $16 support over the next 24 hours for DOT.

The RSI is currently at 35.5 and could move downwards over the next few hours. The EMAs are sloping downwards and the prices could break below the support level in the next 24 hours. The Bollinger bands are also indicating low market volatility.

Polkadot price analysis conclusion

The overall market sentiment for Polkadot price analysis is bearish and the prices are expected to move downwards over the next 24 hours. The support level is at $16.10 and a break below this could see the prices fall to $15.50. The bulls would need to regain control over the market in order to push the prices upwards and break past the resistance levels.

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