The Polkadot price analysis is confirming a bearish trend for the day as a decreasing price movement has been observed. Bears have been leading the market for the past 24- hours, and the price has been dropping at a consistent rate. The bulls have failed to make a comeback as the bears have been maintaining their lead quite proficiently.
Today, the price has moved down to $6.32 as a result of the bearish pressure and is down by over 6.42% in the past 24 hours. The trading volume for 24 hours is $322,097,544, which is average and shows that the market is indecisive at the moment. The total market capitalization for DOT stands at $7.01 billion.
Polkadot price analysis on a 1-day price chart: DOT/USD market likely to decline further
The one-day Polkadot price analysis is giving a bearish prediction for the day as the price has moved down. The price has been following a declining trend for the past few days, and the cryptocurrency has been under constant loss. The bullish momentum has not been recovered as a downward trend was observed during the last 24 hours as well.
The Moving average convergence divergence (MACD) indicator is currently in the bearish zone. The MACD line is below the signal line, indicating bearish momentum in the market. The Relative Strength Index (RSI) indicator is currently at 38.38 and is heading towards the oversold levels. This indicates that the bears are in control of the market and are likely to push prices lower. The 50-day simple moving average (SMA) is currently at $6.76, while the 200-day SMA is at $6.19. This indicates that the path of least resistance is to the downside and that the bears are in control of the market.
DOT/USD 4-hour price chart: Price action is expected to remain bearish
The 4-hour Polkadot price analysis shows that the price has been traveling low for the past few hours as the bears have gained the dominant position on the price chart. The price has been lowered to $6.32 today as the bearish momentum has been intensifying. The last four hours thus proved unfavorable for the cryptocurrency once again, as more selling activity has been detected.
The MACD indicator is below the signal line, indicating bearish momentum in the market. The Relative Strength Index (RSI) indicator is currently at 53.80 and is heading towards the oversold levels. This indicates that the bears are in control of the market and are likely to push prices lower. The 50-day SMA is currently at $6.84, while the 200-day SMA is at $6.23 indicating a bearish trend.
Polkadot price analysis conclusion
Polkadot price analysis shows that the market is in a downtrend following a breakout at $6.32. However, prices are testing the $6.19 support level and 6.76 resistance. The market is expected to remain bearish in the near term as the indicators on both time frames are bearish.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-09-28/