Polkadot price analysis shows that the market is currently in a bearish trend as prices have declined by 11.26 percent in the last 24 hours. The current outlook for DOT is $7.62, which is a bearish outlook. This means that prices are expected to continue falling in the short term. The long-term outlook for DOT is bullish, as prices are expected to reach $40 by the end of 2025.
Investors should keep an eye on the $7.62 level as a break below could signal further downside in DOT prices. However, if prices hold above this level, it could indicate that the market is starting to turn around, and prices could rise soon. DOT prices have been downtrend over the past few days as the market has turned bearish. Prices fell by 11.26 percent over the past 24 hours, and the current price is $7.62. The bearish trend is expected to continue in the short term as prices will fall to $7.50 in the next few hours.
Polkadot price analysis: Recent price developments
The 4-hour Polkadot price analysis chart reveals that DOT has formed a descending triangle formation, considered a bearish continuation pattern. The MACD indicator is in the red and is currently declining. While the RSI indicator is in the oversold range, there are indications of a bullish divergence. This implies that selling pressure may be ending soon.
On the 4-hour candlesticks, a bearish engulfing pattern has formed, a bearish reversal formation. This pattern suggests that the market will undergo a downturn in the near term. Buyer and seller pressure have been comparable over several previous daily candles, but the market has still managed to post new lows. The indicator of market momentum, the Relative Strength Index (RSI), is now in oversold territory and could see a rebound soon.
The MACD indicator is declining but is close to crossover, indicating that selling pressure may end. When the MACD line (blue) crosses below the signal line (red), it is a bearish signal. The DOT/USD pair is currently trading at $7.62 and is down by 11.26 percent in the last 24 hours. Polkadot prices have declined over the past few days as the market sentiment has turned bearish. Prices fell by 1.26 percent over the past 24 hours, and the current price is $7.32.
Polkadot price analysis on the daily timeline: DOT/USD prices will go in any way
The daily Polkadot price analysis chart shows the market is severely declining as the price breaches below the moving averages. The MACD indicator is in an unfavorable position and is currently declining. The RSI indicator is also oversold, but it has generated a bullish divergence. This suggests that selling pressure may be waning, which is great news since it’s been intense for a while now.
According to the Polkadot price analysis, the market is in a bearish trend, and any corrective rallies should be sold. However, its position will most certainly alter in the next few days as most of the market is in a consolidation stage.
The current market conditions are characterized by sharp losses across most of the top assets. The downturn in the market began as a result of a number of factors, including Bitcoin’s, Ethereum‘s, and other major altcoins’ selling off. On the other hand, DOT has withstood the bearish trend relatively well and is now valued at $ 7.32, which is down only slightly from the $7.50 it was trading at just 24 hours ago. The bearish trend is expected to continue in the short term as prices are expected to fall to $7.0 in the next few hours. However, if the $7.32 level holds, it could indicate that the market is starting to turn around. The 4-hour chart reveals that DOT has formed a descending triangle formation, considered a bearish continuation pattern. The MACD indicator is in the red and is currently declining. While the RSI indicator is in the oversold range, there are indications of a bullish divergence.
Polkadot price analysis conclusion
From a technical standpoint, it’s clear that the market is highly bearish. The coming days will be crucial for DOT, with a breakdown below $7.0 potential signaling a plunge to around $6.5. If the price can hold above $7.0, we may see an advance to $8.0.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-06-17/