Polkadot price analysis reveals that the DOT/USD depreciated to $ 4.61 after a bearish run. The coin has lost 1.26% in the last 24 hours as the bearish momentum continues. The chart shows that DOT/USD has been in a downward trend since it hit its all-time high of $5.32 on December 13th, and from then the price has been declining. The coin has been facing strong resistance around the $4.70 mark while its immediate support is present at the $4.60 level, however, it may be difficult for the coin to breach this level.
The total market capitalization for DOT/USD stands at 5.30 billion USD, with a 24-hour trading volume of 104 million USD.
Polkadot price analysis 1-day price analysis: Price action remains bearish
Polkadot price analysis on a 24-hour indicates that the token started the day at $4.67 and continued to depreciate throughout the day, reaching a low of $4.60. The price currently trades around the $4.61 level, with bearish pressure still affecting the token’s price movement. However, the bullish momentum was strong enough to push the price back up to $4.70 earlier today, but the bulls were not able to sustain this level and the token declined again.
The MACD indicator supports the bearish sentiment for DOT/USD as it shows a bearish crossover in the 24-hour chart. The RSI indicator is also flashing a bearish signal as it currently stands at 39.58. Overall, DOT/USD is still in a bearish trend and could potentially dip further if the bears maintain their pressure. The moving average(MA) also supports the bearish sentiment as the 50-day MA is below the 200-day MA.
DOT/USD 4-hour price analysis: Polkadot price consolidates at $4.61
The hourly Polkadot price analysis shows that the token is currently trading in a range-bound zone between the $4.60 and $4.70 levels. The price has been consolidating around the $4.61 level over the past few hours, indicating that there is a lack of direction in the short term. The red candle on the hourly chart suggests that bearish sentiment still dominates the market.
The MACD indicator is flashing a bearish signal as it shows a bearish crossover in the 4-hour chart. The RSI indicator is also showing bearish sentiment as it currently stands at 25.01, which is in the oversold region. The 50-day MA is also below the 200-day MA, indicating a bearish sentiment for the token.
Polkadot price analysis conclusion
Overall, the Polkadot price analysis shows that the coin is currently facing bearish pressure and is trading at $4.61. The hourly and daily chart show bearish movements, and the indicators point to a continuation of this trend in the short term. However, the Polkadot price may see growth in the near term as it continues to gain traction in the decentralized storage market.
Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-12-19/