Set to break below the intraday lows

TL;DR Breakdown

• The Polkadot price analysis shows a bearish trend
• DOT prices are down by 7.26 percent
• Polkadot prices have sought support at $20.09

The Polkadot price analysis for today shows that the prices are down by 7.26 percent and have found support at $20.09. The prices are expected to move up soon. The bearish trend is expected to continue in the short term.

The daily volatility for Polkadot is 3.13 percent. The MACD line is below the signal line and the prices are expected to move up soon. The RSI indicator is at 42.14 and suggests that the prices may correct soon. The prices are expected to move up in the medium term.

Polkadot (DOT) is a blockchain platform that enables the development of decentralized applications. Polkadot is designed to connect different blockchains and allow them to interact with one another. Polkadot also allows for the creation of parachains, which are chains that are attached to the Polkadot network.

DOT/USD 1-day price chart, source: TradingView

The bearish trend in the Polkadot price analysis is expected to continue in the short-term. The prices have found support at $20.09 and are likely to move up soon. The long-term outlook for the DOT prices is positive and they are expected to reach new highs in the future.

Polkadot price analysis on a 4-hours price chart: DOT/USD seeks support at $20.09

The prices have been in a downward trend since hitting a high of $24.06 on January 10, according to the Polkadot price analysis on the 4-hour chart. Since capturing control of the market, the bears have successfully taken the prices all the way down to $20.09 where they are currently seeking support. A break below this support could see the prices move down to the next immediate support at $18.14.

However, a bullish breakout could take the prices all the way back up to the previous high of $24.06 or even higher. The indicators are currently giving mixed signals, with the RSI showing that the bears have the advantage at the moment.

DOT/USD 4-hour price chart, source: TradingView

The bulls are in control of the market, according to the indicators. The RSI is beneath 30, suggesting that prices may still fall. The MACD line is located in the selling zone, confirming a buying scarcity. The Simple Moving Average (SMA) also indicates a downtrend, with the 50 SMA below the 100 SMA.

Polkadot price analysis: conclusion

The Polkadot price analysis indicates that the market is still in a downtrend and is likely to continue until market sentiment changes. The bulls have been unable to surpass $21 as a major resistance level, which they have failed to do for the past several months.

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