Polkadot price analysis reveals that the DOT/USD has been following a bearish trendline for the last 24-hours. The price has been going down since then, and it reached a low of $9.86. Support for the pair is present at $9.78, and it is facing resistance at $11.14. Polkadot price analysis currently shows mixed reactions in the market as the investors are still indecisive about the future of DOT.
The digital asset market has been quite volatile in the past few days as the prices of most of the major cryptocurrencies have seen a lot of ups and downs. However, DOT/USD has been following a bearish trendline for the last 24-hours. The DOT/USD pair is trading at a volume of $855,676,452 which is higher than the daily average volume while the total market cap for the token is $9,654,362,511.
Polkadot price analysis on a daily chart: Bears in control as the price struggle near $9.86
Polkadot price analysis on daily timeframe reveals the prices are struggling to maintain the $9.86 level, which is the weekly low. The downtrend may be extended if the prices break below this level and head towards the $9.78 support area. On the other hand, if the prices find some buying interest around the $9.86 level, then an upsurge may take the prices back towards the $11.14 resistance area.
The MACD indicator shows signs of a bearish crossover as the signal line is about to cross below the MACD line. The RSI indicator is trading below level 50, indicating that the bears control the market momentum. The MA50 is heading towards the MA200, which indicates that the bearish trend in the market is likely to continue in the near term.
DOT/USD 4-hour price chart: Bearish momentum gains traction as support levels give-in
The 4-hour Polkadot price analysis reveals that the prices have formed a descending triangle pattern with support at $9.78 and resistance at $11.14. The prices have been following a bearish trend for the last 4- hours and are currently trading at $9.86.The investors are still quite indecisive about the future of DOT, as can be seen from the Doji candlestick pattern on the 4-hour timeframe.
The MACD line is about to cross below the signal line, indicating a bearish trend in the market. The RSI indicator is trading at 41.85, which indicates that the market is currently in a bearish zone while the MA indicator shows that the prices are heading towards the MA50 support.
Polkadot price analysis conclusion
Polkadot price analysis shows DOT is currently following a bearish trend as the prices are struggling to maintain the $9.86 level. The market momentum is in favor of the bears at the moment, and the prices may head towards the $9.78 support area in the near term. The bulls are seen to be struggling to defend the $11.14 resistance area which is a weekly low. The market look oversold at the moment, and a bounce-back may take the prices back towards the $11.14 resistance area in the near term.
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Source: https://www.cryptopolitan.com/polkadot-price-analysis-2022-05-18/