Polkadot price analysis: DOT breaks down as bulls fail to hold the $13.00 support level

TL; DR Breakdown

• Polkadot price analysis suggests a drop to $12.00
• The closest support lies at $12.50
• DOT faces resistance at the $13.84 mark

The Polkadot price analysis shows that the asset’s price action was rejected at the $14.50 mark and is headed back towards the $12.50 support level as the bears take over. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include AVAX and DOT, with a 6.71 and a 6.09 percent decline respectively.  

Polkadot price analysis: DOT falls below $13.00

Across the technical indicators, the MACD is currently bearish, as expressed in the red color of the histogram. For the past four days, the indicator has shown a low but steady bearish momentum as the Polkadot price analysis observed a decay from the $15.00 level to below $12.50, where it currently trades. At press time, while the indicator shows a declining bearish momentum, there is low effort observed from the bulls. 

The EMAs are currently trading low as the Polkadot price analysis shows a net bearish price movement over the past five days. Furthermore, both of the EMAs are heading downwards at press time as the price falls to the $12.50 mark. At press time, the 12-EMA is diverging further from the 26-EMA, suggesting an increasing bearish momentum. 

The RSI has been trading low near the oversold region since 5 May showing a bearish trend across the mid-term charts. However, the indicator dived into the oversold region yesterday night and has only fallen deeper today. At press time, the indicator trades around the 23.27 index level, with the slope suggesting further downwards movement. Overall, the RSI shows little room for further downwards movement for the Polkadot price. 

The Bollinger Bands were narrow yesterday but now show divergence as the Polkadot price analysis breaks down towards the $12.500 mark. Currently, the indicator’s bottom line provides support to the bulls at the $12.84 mark, while the mean line presents resistance at $13.84. 

Technical analysis for DOT/USDT

Overall, the 4-hour Polkadot price analysis issues a strong sell signal, with 16 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, none of the indicators support the bulls, showing little to no bullish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.

The 24-hour Polkadot price analysis shares this sentiment and issues a sell signal with 15 major technical indicators suggesting downwards movement against only one of the indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing little to no bullish pressure across the mid-term charts. At the same time, ten indicators remain neutral and do not support either side of the market.

What to expect from the Polkadot price analysis?

The Polkadot price analysis shows that after failing to climb above the $16.00 mark, the Polkadot price observed a sharp decay, and the price fell down to lows of $12.500. Although the buyers tried to initiate a recovery to the $15.00, the attempt was met with failure due to a lack of momentum.

Currently, traders should expect the Polkadot price analysis to move downwards towards the $12.00 price level, where the closest support level lies. The suggestion is supported by the mid-term technical analyses that are strongly bearish, suggesting a rapidly decaying Polkadot price.

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