Polkadot price analysis shows that the bearish spree continues as DOT slips below the $9.24 support. The DOT/USD pair is currently trading at the $9.32 level, down by more than 1.62 percent in the past 24 hours. The coin’s market capitalization is now at $8.92 billion and is ranked as the 7th largest cryptocurrency.
The DOT price is facing rejection at $9.54 and it looks like the bears are in control of the market. The following support levels to watch out for are $9.24and a break below this could push the price towards $8.96. On the other hand, if the bulls can push the price above $9.54, we could see a move towards the $10.00 resistance level.
DOT/USD 1-day price chart: Polkadot price is down by 1.62 percent
The 1-day Polkadot price analysis shows that the prices have moved lower in a corrective manner after rising to new all-time highs yesterday. The sell-off from the highs has taken DOT prices below the key support level at $9.00 and also below the 20-day moving average (MA). This has allowed DOT prices to retest the $9.32 level in the near term.
The RSI indicator is currently at 45 and is showing signs of bearish divergence as it starts to move lower from the highs seen last week. The MACD indicator is currently in the bearish zone with a slight downward slope. This indicates that the bearish momentum is still present in the market.
Polkadot price action on a 4-hour price chart: Bearish trend line intact
The hour chart for Polkadot price analysis shows that the bearish trend line is still intact and the DOT price is currently trading below this. The bulls might make another attempt to push the prices higher in the near term, but it looks like the bears are in control of the market at the moment.
The moving averages lines are currently in a bearish configuration with the 20-MA being below the 50-MA. The RSI indicator is currently at 42 and is showing no signs of a reversal at this stage. The MACD indicator is also in the bearish zone and is slowly moving towards the centerline.
Polkadot price analysis conclusion
Polkadot price analysis shows a bearish market sentiment formed during today’s opening of the market as bears continue to dominate the market. The DOT/USD technical analysis shows that the market is expected to remain bearish in the near term as the market sentiment remains negative.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-08-14/