Polkadot price analysis: DOT finds support at $4.300 but can the bulls hold on?

TL;DR Breakdown

• Polkadot price analysis suggests downwards movement to $4.200
• The closest support level lies at $4.300
• DOT faces resistance at the $4.400 mark

The Polkadot price analysis shows that the DOT price action has found support at the $4.300 mark and the price is stabilizing at the level

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements with low volatility. Major players include SOL and RUNE, recording a 6.03 percent and a 4.91 percent decline, respectively. 

Polkadot price analysis: DOT finds support at $4.300

The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum as observed in the medium depth of the histogram. However, the indicator’s lighter shade suggests that the bearish momentum is decreasing across the timeframe as the price finds support at the $4.300 mark.

The EMAs are currently trading above the mean position as net price movement over the last ten days remains negative. Moreover, the two EMAs are moving downwards suggesting bearish activity in the markets. On the other hand, the two EMAs are converging, suggesting a decrease in the bearish momentum across the short-term charts. 

The RSI briefly dipped to the overbought region yesterday but quickly returned to the neutral region where it currently trades. Now, the index is trading at the 33.12 unit level with a horizontal slope. The indicator does not issue a signal at the moment while the low slope suggests low pressure from either side.

The Bollinger Bands were expanding as the price was falling to $4.200 mark but as the bulls recover, the bands show convergence athe level. At press time, the indicator’s bottom line provides support at $4.242 while the upper limit presents a resistance level at the $4.620 mark.

Technical analyses for DOT/USDT

Overall, the 4-hour Polkadot price analysis issues a sell signal, with 14 of the 26 major technical indicators supporting the bears. On the other hand, two of the indicators supports the bulls showing little to no presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market. 

The 24-hour Polkadot price analysis shares this sentiment and also issues a sell signal with 16 indicators suggesting a downward movement against only two of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists for the asset across the same timeframe. Meanwhile, eight indicators remain neutral and do not issue any signals at press time

What to expect from Polkadot price analysis?

The Polkadot price analysis shows that after consolidating around the $4.500 mark, the price action made an attempt at an upwards breakthrough but fell flat due to the lack of momentum. At press time, the bears have pushed the price below the $4.250 mark but the bullish support still exists at the level.

Traders should expect DOT to move further downwards as the bears push through the current support level. The short and mid-term technicals are both bearish suggesting downwards movement to the $4.200 support level.