TL;DR Breakdown
- Polkadot price analysis shows a bearish trend
- DOT/USD prices are currently trading above the $17 level
- Major support for DOT prices is set at $16.5
Today Polkadot price analysis shows a slight recovery towards the $17.0 level as DOT prices had fallen below the $17.0 level yesterday. The prices had lost the upward momentum and the bearish pressure continued to hold the DOT/USD prices in its grip. The prices fell below the $17.0 level and moved towards the next support at the $16.5 level for today’s trading session. There has been a steady recovery in Polkadot prices over the last 24 hours, as bulls have stepped up to the plate and started to push prices back up. The $17.0 level is a key level of resistance that needs to be overcome in order for DOT prices to continue their upward momentum.
The current price action shows that bulls are starting to take control of the market, but they need to build up more momentum in order to break through the $17.0 level. The next few days will be crucial for the DOT/USD pair, as the market awaits further direction from the buyers. The prices are however bearish as the bulls try to regain control and push prices to the upside. The $17.0 level is a key level of resistance and could be seen as an important target for this week’s trading session.
Polkadot price movement over the last 24 hours: Bearish trend has started to ease as bulls step in
Polkadot price analysis reveals the prices have been on a steady decline over the last 24 hours, as the bearish momentum continued to increase. DOT/USD prices fell below the $17 level and moved towards the next support at $16.5, but have recovered slightly today and currently trading at $17.15. The prices are still down by 4.50 percent as the trading volume increases due to the bearish pressure. The market is still in a bearish trend as the prices have been oscillating between a range of $16.46 and $18.04. The strongest resistance for DOT prices is currently at the $17.48 level, while support can be seen at the $16.12 and $15.62 levels respectively.
Polkadot price analysis on the technical indicators shows that the 100 EMA line is showing a bullish trend as it is above the price action. The MACD is slightly on the downside as well, indicating that Polkadot prices are heading downwards. The Relative Strength Index shows that the buying pressure has reduced and sellers seem to be in control of the market. The candlesticks are currently below the EMA line, which is a bearish sign while the dots on the Parabolic SAR indicator are placed below the candlesticks, which is a further bearish sign.
Polkadot price action on a 4-hour price chart: Prices are trading in a descending channel
Polkadot’s 4-hour price chart reveals that the prices have been trading in a descending channel since the start of this month. The DOT/USD prices fell below the $17 level and moved towards the $16.5 support, but have recovered slightly today as bulls started to step in. The market is still bearish and will remain so until the DOT/USD prices break above the $17 level. The $16.5 level serves as strong support for today’s trading session, while resistance can be seen at the $17 and $17.48 levels respectively.
The 100 EMA line on the 4-hour price chart is indicating a bearish trend as it is below the price of candles. The MACD is on the downside and shows that prices are heading lower in the near term. The RSI indicator is currently at 40 levels and does not show any clear trend. The Parabolic SAR indicator is currently above the candlestick prices, which indicates a bearish trend as the market volatility seems to be increasing as the Bollinger bands are starting to widen.
Polkadot price analysis conclusion
Polkadot price analysis for today shows DOT prices are still in a bearish trend as they try to break above the $17 level. The technical indicators are currently bearish, which shows that prices could continue to decline in the near term. However, the market is still volatile and anything could happen in the next few hours. Therefore, it is important to keep an eye on the $16.5 support level as a break below it could indicate a further downward move.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-04-27/