DOT/USD approaching $6.17 support after bearish curve

Polkadot price analysis reveals that the DOT/USD market is bearish today. The cryptocurrency has been trading within a descending triangle pattern since the beginning of today’s session. The DOT/USD pair is currently trading at $6.26, and it is approaching the $6.17 support level if the bears remain in control, the pair may break below this level. The Resistance for the DOT/USD pair is present at $6.37, and if the bulls take control of the market, the pair may rise to this level.

The digital asset has decreased by 1 percent in the last 24 hours, and it seems like the bearish trend is likely to continue in the short term. The market capitalization of the digital asset is currently $7.00 billion, and the 24-hour trading volume is $266 million.

DOT/USD 1-day price chart: Downtrend causes price depression up to $6.26

The 24-hour Polkadot price analysis predicts a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled the unfavorable circumstances as no considerable bullish efforts have been seen. The price is now at $6.26, and further devaluation is to follow if the selling activity experiences a further rise.

Source: Trading View

The exponential moving averages (EMAs) suggest a bearish crossover as the 50 EMA line (yellow) moves below the 20 EMA line (white). This indicates that the overall market trend is bearish, and the price is likely to continue declining in the short term. The RSI indicator for DOT/USD is currently at 43.81, and it is approaching the oversold region. The MACD indicator for DOT/USD is currently in the bearish zone, and it is likely to continue moving lower as the market remains bearish.

Polkadot price analysis: Polkadot price unable to break above $6.37

The 4-hour price chart for Polkadot price analysis supports the bears as the price has covered a downward movement in the past few hours. The price breakout was upwards, but at the start of the trading session, as bulls tried to recover during the late hours yesterday; however, the descending curve confirms a bearish trial as a red candlestick appeared on the hourly price chart. The bearish momentum intensified as the price dropped down to a $6.26 low.

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Source: Trading View

The relative strength index (RSI) on 4-hour is still on a downwards curve at index 31.24, which is a lower neutral value; however, it shows the sellers’ dominance in the market. The 50 EMA line is currently at $6.24, and it is moving below the 20 EMA line, which is at $6.35.The MACD indicator in the 4-hour timeframe is currently in the bearish zone as the signal line is moving above the MACD line.

Polkadot price analysis conclusion

To conclude, the overall market trend for Polkadot price analysis is bearish as the price is currently trading at $6.26, and it is likely to continue falling if the selling activity remains high in the market. The technical indicators support the bearish scenario as well. The bulls will need to take control of the market and push the price above the $6.37 resistance level to invalidate the bearish scenario.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision