Today’s price analysis by Polkadot indicates that the currency is experiencing a strong bullish effect over the past few days, pushing the price higher. However, at the time of writing, the price has dropped significantly to $5.30 on the DOT market. The market opened bearish at $5.37 and has been falling steadily ever since.
There is strong resistance at $5.49 which could prevent further gains in the near term. However, if the market can surpass this level and gain support above it, then we could see a correction in the price in the coming days. Meanwhile, the main support level is at $5.26, which is the lowest price the market has reached in the past week.
DOT/USD 1-Day Price Chart: Bears Take Control After DOT/USD Surpasses Key Support at $5.26
The daily Polkadot price analysis shows that the market is heavily influenced by bearish forces. As a result, DOT/USD has been falling steadily over the past 24 hours, breaching several key support levels. At the time of writing, DOT/USD was trading around $5.30, almost 3% lower than its opening price of $5.37. The 24-hour trading volume was also relatively low, as it currently stands at $1.7 million, and has a market cap of around $563 million.
DOT/USD 1-day price chart. Source: TradingView
The exponential moving average has been trending down for the past few days as the market gains momentum to the downside. The RSI is also trending down, indicating increasing bearish strength in the market. The MACD is also in the bearish zone as the signal line moves down and we could see a further downtrend in the near term.
DOT/USD 4-hour Price Chart: Price action is expected to remain bearish
The hourly price action suggests that the Polkadot price analysis may continue to fall in the near term. The price has moved lower in the past few hours and is currently hovering below the $5.30 level. There is also a bullish bearish crossover between the MACD and the signal lines, indicating a further downtrend in the near term.
DOT/USD 4-hour price chart. Source: TradingView
The RSI has also shifted into the bearish zone, indicating more downward pressure could be coming. The RSI currently stands around 50.06, indicating that the market is still in the oversold zone. The 50-day EMA is currently at $5.45, which could be a major support in the short term, while the 100-hour EMA is currently at $5.65, which could provide some resistance for the market.
Polkadot price analysis conclusion
According to this Polkadot price analysis, it is clear that the currency is facing strong bearish forces and is likely to fall further in the coming days. However, since the market has already broken through some key support levels, it may be difficult to correct the DOT price in the near term. As a result, we can expect the bears to continue to dominate price action in the near term.
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